Professional Certificate and Professional Diploma in Investment Fund Services 2013/2014

Transcription

1 Professional Certificate and Professional Diploma in Investment Fund Services 2013/2014

2 Who we are The Institute of Banking The Institute of Banking is the largest professional institute in Ireland. We are a community of 33,000 members who work in banking and in both international and local financial services in the Republic of Ireland and Northern Ireland. Professional development of our members through education is at the heart of what we do. We are a not-for-profit organisation. The Institute provides university-level banking education programmes and related services. These enable our members to achieve and sustain their professional qualifications and continuing professional development essential in meeting customer and regulatory expectations. More than 7,000 of our members are currently studying with us. Excellence in education As a recognised college of University College Dublin (UCD) and the standout industry educator, we offer qualifications of the highest standard. We currently have more than 30 programmes ranging from Professional Certificates (level 7 on the NFQ) to Masters Degree (level 9). We design our programmes to be practical and relevant, but grounded in academic rigour. We focus on providing innovative and flexible education options to ensure that we meet your changing needs. All our programmes are part-time. Irish Funds Industry Association (IFIA) The Irish Funds Industry Association (IFIA) is the representative body for the funds industry in Ireland, with custodians, administrators, managers, transfer agents, fund promoters and professional advisory firms involved in the international fund services industry in Ireland, amongst its members. The Irish funds industry services assets in excess of c2 trillion held in over 12,000 funds. Through its work with governmental and industry committees and working groups, the IFIA contributes to and influences the development of Ireland s regulatory and legislative framework. The IFIA is also involved in defining market practice through the development of policy and guidance papers and the promotion of education and industry-specific training. For further information please log onto Welcome Who we are

3 Welcome Dear Colleague, I am delighted to introduce this brochure created specifically for the investment fund programmes and offered jointly with the Institute of Banking. The brochure comprehensively describes the Professional Certificate and Professional Diploma in Investment Fund Services. These industry education programmes have been a resounding success. Over 4,500 candidates have been awarded the Certificate, and the Diploma, a more recent programme, has also proved very successful with over 750 candidates awarded the qualification to date. Each programme provides candidates with the detailed knowledge and skills required to realise their potential in the funds industry. I wish you the best of luck with your studies, and look forward to hearing positive results in the coming months. Pat Lardner Chief Executive, IFIA Welcome 01

4 How we help you pass your exams The Institute of Banking are committed to ensuring that our students have access to a wide range of educational supports. These supports are in place to assist every student with their studies. We advise all students to avail of the study supports as their use leads to exam success. Below is an overview of the learning supports available. Learning Supports Once you have registered, the learning supports are available from the My Institute section of our website ( which should be checked regularly during your course of study. Lectures A series of lectures held in Cork, Dublin, Kilkenny and Limerick subject to adequate student demand. Manual The manual is the principal study support available to you. It is essential that you have a thorough knowledge of all areas covered in the manual - there is no substitute for studying the manual. Revision Weekend This revision weekend prepares you for your exam. It is an opportunity to revisit the main topics covered throughout your studies and work through exam style questions with your lecturer. Learning Plan The Learning Plan is an invaluable study aid as it shows you how the module is organised. This online document: - Introduces you to the module you are studying - Outlines the programme structure - Shows you how much study should be completed each week Past and Sample Papers Sample and past exam papers are made available on the My Institute section of the website. Study Tracker A week by week guide through the semester, explaining what material should be covered and highlighting important dates for your diary. Lecturer Contact contact with your lecturer for any questions that you have throughout your studies. Student Handbook The handbook offers support, advice, and guidance to students throughout their studies with the Institute. It explores the learning supports we have developed for you, equips you with the knowledge of what to expect from our programmes, outlines exam structures and gives you the support to develop your academic and study skills. 02 How we help you pass your exams

5 Professional Certificate in Investment Fund Services Who is this programme for? The Professional Certificate in Investment Fund Services is the benchmark qualification if you would like to build a career in the funds industry. This three-module level 7 qualification is designed for you if you are working in, or seeking to work in, the investment funds industry. The programme covers material which is directly relevant to your day to day role, while also providing a broader view of the industry as a whole. The programme introduces you to the fundamental areas of investment funds and illustrates how each area within the industry interacts together. It provides you with a detailed knowledge of the legal and regulatory environment in which the industry operates and also describes the role custody, registration and fund accounting play within the industry. Benefits for you and your organisation On successful completion of this programme, you will be able to: - Explain the accounting and valuation aspects of investment funds and their application to investment funds, the preparation of the accounting statements of funds and the calculation of the Net Asset Value (NAV); - Describe the role of the custodian in the investment funds industry; - Describe the principles, structure, legal requirements and investment strategies of the investment funds vehicles; - Illustrate how the regulatory bodies impact on fund listings and the differences in domiciling a fund in certain jurisdictions; - Outline the compliance and taxation requirements of the main non-irish fund administration jurisdictions. This programme is offered in partnership with the Irish Funds Industry Association (IFIA). Professional Certificate in Investment Fund Services 03

6 Syllabus summary Module: Fund accounting and valuation The role of key parties to a fund Types of fund investments Fund valuation calculation of a net asset value (NAV) Accounting for corporate actions Accounting for securities equities, fixed-interest moneymarket instrument and derivatives Discount and fixed-income securities Amortisation and accretion Fund expenses Accounting for paid-in share capital Financial statements International standards and financial statements Fund controls the importance of calculating an accurate NAV. Module: Legal and regulatory aspects of investment funds Introduction to the Irish legal system The key legal concepts of investment funds Types of fund structures The legal and regulatory investment fund environment The role of the Central Bank Establishment of a fund The role of the Irish Stock Exchange The legal requirements and investment strategies of funds domiciled outside Ireland Marketing Irish funds abroad. Module: Custody and registration The role of the custodian Custody services Trade settlement and failed trades Corporate actions Securities lending overview the steps involved and risk elements The custodian s role in derivatives Cash management Correspondent banking Shareholder dealing and settlement Netting, pooling and sweeping Shareholder registration and compliance The creation and liquidation of fund shares. 04 Syllabus Professional Summary Certificate in Investment Fund Services

7 Aidan Burke State Street I would recommend this programme to anyone starting a career in the investment funds industry. It will greatly help to accelerate your understanding of the industry as a whole. It gives you useful information on areas of the industry that you may not know much about and therefore gives you a strong basis for a long-term career. Curriculum You study three modules for the Professional Certificate in Investment Fund Services comprising: - Fund Accounting and Valuation - Legal and Regulatory Aspects of Investment Funds - Custody and Registration EXAMINATIONS Fund Accounting and Valuation 25 January 2014 (3.00pm 6.00pm) Legal and Regulatory Aspects of Investment Funds 10 May 2014 (3.00pm 6.00pm) Custody and Registration 17 May 2014 (3.00pm 6.00pm) ASSESSMENT STRUCTURE End of semester examinations Written, case-study and essay style questions Passmark: 40% Duration: 180 mins Entry Requirements The second level educational requirements for employment in financial institutions are acceptable for entry to the Professional Certificate in Investment Fund Services. Fees c630 per module Semester Start and Closing Dates January Exams We encourage you to register by 30 September 2013 as the lectures commence in early October. Where places are still available we will continue to accept registrations until 8 November May Exams Semester Start Date 27 January 2014 Professional Body Membership You must be a current member of the Institute of Banking or become a member, to undertake this programme. Register You can register in one of the following ways: 01 Online at 02 By calling the Registration Line on ** 03 Complete the registration forms at the back of this brochure and return to: The Institute of Banking IFSC, 1 North Wall Quay Dublin 1 ** Please have your Laser/ Debit Card/Credit Card to hand. FOR MORE Information CONTACT Suzanne McInerney BA, MA Programme Manager The Institute of Banking IFSC, 1 North Wall Quay, Dublin 1 T: E: suzanne.mcinerney@iob.ie Professional Certificate in Investment Fund Services 05

8 Professional Certificates and Professional Diplomas (Level 7) Professional Diploma in Investment Fund Services Who is this programme for? This two-module level 7 qualification is specifically designed for those who have successfully completed the Professional Certificate in Investment Fund Services and who wish to build on their knowledge. This professional diploma moves deeper into the area of alternative investments, legal, compliance and taxation areas of the investment funds industry. This programme provides you with a thorough exposure to the areas underpinning the investment funds industry. The industry continues to be subject to an ever expanding regulatory oversight that permeates the entire spectrum of investment fund activities. Benefits for you and your organisation On successful completion of this programme, you will be able to: - Examine the investment strategies of alternative investment funds; - Analyse the legal contracts and regulations for alternative investment funds; - Examine the Central Bank of Ireland s guidance notes including regulatory implications of MiFID, Fourth Anti-Money Laundering Directive and UCITS V; - Analyse the withholding taxation treatment for funds and foreign taxation implications for investment funds. This programme is offered in partnership with the Irish Funds Industry Association (IFIA) and is designed to enhance the knowledge and experience gained at professional certificate level. 06 Professional Diploma in Investment Fund Services

9 Syllabus summary Regulation and taxation of investment funds Fund establishment and authorisation processes Trading strategies and derivatives Corporate governance The roles and responsibilities of fund directors Alternative investment funds legal structures Interpretation of notices for undertakings for collective investment in transferable securities (UCITS) and non-ucits regulations Central Bank s guidance notes The roles of industry bodies Fund liquidations, terminations and mergers Foreign tax requirements UK distributor status for investment funds Tax requirements for funds located in various jurisdictions. Investment Fund Structures The history and development of alternative investment funds Investment structures Accounting for complex bonds - Characteristics - Use within a fund portfolio - Pricing - Risks - Financial statement disclosure requirements Overview of derivatives Accounting for interest rate swaps, total return swaps and equity swaps Accounting for contracts for difference and credit default swaps Understanding performance fees Performance fees calculation Preparation of financial statements International reporting requirements. Syllabus Summary 07

10 Enda Kelly Caceis As this programme is the only specialist qualification in this area, it was the obvious choice for me. I wanted to build on the great foundation that the certificate had given me. The knowledge taught on this programme was quite practical and I could easily transfer it from the classroom to work. I had complete confidence in the lecturers knowledge and the lectures were delivered in a clear and concise way. Curriculum You study two modules for the Professional Diploma in Investment Funds comprising: - Regulation and Taxation of Investment Funds - Investment Fund Structures EXAMINATIONS Regulation and Taxation of Investment Funds 18 January 2014 (3.00pm 6.00pm) Investment Fund Structures 17 May 2014 (3.00pm 6.00pm) ASSESSMENT STRUCTURE End of semester examinations Written, essay style questions Passmark: 40% Duration: 180 mins Entry Requirements The second level educational requirements for employment in financial institutions are acceptable for entry to the Professional Diploma in Investment Fund Services. This professional diploma is limited to holders of the Professional Certificate in Investment Fund Services. Fees c750 per module Semester Start and Closing Dates January Exams We encourage you to register by 30 September 2013 as the lectures commence in October. Where places are still available we will continue to accept registrations until 8 November May Exams Semester Start Date 27 January 2013 Professional Body Membership You must be a current member of the Institute of Banking or become a member, to undertake this programme. Register You can register in one of the following ways: 01 Online at 02 By calling the Registration Line on ** 03 Complete the registration forms at the back of this brochure and return to: The Institute of Banking IFSC, 1 North Wall Quay Dublin 1 ** Please have your Laser/ Debit Card/Credit Card to hand. FOR MORE Information CONTACT Suzanne McInerney BA, MA Programme Manager The Institute of Banking IFSC, 1 North Wall Quay, Dublin 1 T: E: suzanne.mcinerney@iob.ie 08 Professional Diploma in Investment Fund Services

11 2013/2014 APPLICATION TO BECOME A MEMBER OF THE INSTITUTE OF BANKING PERSONAL DETAILS Surname Name before Marriage (if applicable) First Name Date of Birth (dd/mm/yyyy) Mother s Maiden Name Mobile Phone Number Address ALL FIELDS ARE MANDATORY qq / qq / qqqq Mr q Mrs q Ms q WORK DETAILS Employer Name Department Staff Number Address County Postcode Work Phone Number HOME DETAILS Address County Postcode Home Phone Number Professional Diploma in Investment Fund Services 09

12 APPLICATION TO BECOME A MEMBER OF THE INSTITUTE OF BANKING 2013/2014 PAYMENT ADVICE Membership Joining Fee 40 Cheque/Draft Ensure you print your name and membership number (if applicable) clearly (in block capitals) on the back of the cheque or draft Make cheques/drafts payable to THE INSTITUTE OF BANKING DO NOT SEND CASH Post dated cheques/drafts are not accepted Credit Card/Debit Card/Laser Register by credit card/debit card/laser online at or by calling the Registration line on Future Annual Membership Fee (due January each year) 40 Direct Debit q Complete the DD Mandate Form overleaf and return to the Institute by post. Salary Deduction q I am employed by one of the following corporate members who operate a salary deduction scheme: Bank of Ireland, First Trust Bank, Danske Bank (NI Only), permanent tsb, Ulster Bank and agree to pay my annual subscription through this scheme. If your employer is supporting your membership fee(s) by company invoice (please check with your HR/Training department) do not attach fees to this form. DATA PROTECTION NOTICE The information provided by you on this membership application form and generated as a result of your membership of The Institute of Banking may be used and disclosed by The Institute of Banking for all purposes which are reasonably incidental to your membership. We may disclose your information to your employer upon receipt of a reasonable request from your employer and, if applicable, to the Central Bank of Ireland for Minimum Competency Code and Fitness and Probity requirements. We may also provide you with information in relation to other services offered. If you do not wish to receive information in relation to these services offered by The Institute of Banking, please tick this box. q You are entitled to ask for a copy of the personal data which The Institute of Banking holds about you and to have any inaccuracies in such personal data amended or erased. You may do so by writing to: The Registrar, The Institute of Banking, IFSC, 1 North Wall Quay, Dublin 1. DECLARATION I wish to apply for Membership of The Institute of Banking. I have read in full, understood and agree to be bound by the terms and conditions of Membership set out and referred to online at Signature qqqqqqqqqqqqqqq Date q d q d / q m q m / q y q y q y q y COMPLETED FORMS CAN BE POSTED TO: THE INSTITUTE OF BANKING, IFSC, 1 NORTH WALL QUAY, DUBLIN 1. 10

13 DIRECT DEBIT INSTRUCTION 2013/2014 INSTRUCTION TO YOUR BANK OR BUILDING SOCIETY TO PAY YOUR ANNUAL SUBSCRIPTION BY DIRECT DEBIT Complete parts 1 to 4 to instruct your Bank to make payments directly from your account. Then return the form to: The Institute of Banking, IFSC, 1 North Wall Quay, Dublin 1. q1. To The Manager: Bank: Address: Originator s Code Republic of Ireland q 3 q 0 q 0 q 5 q 2 q 6 Northern Ireland q 8 q 6 q 1 q 0 q 3 q 7 q2. ACCOUNT HOLDER First Name Surname Originator s Reference (Membership No.) qqqqqqq q3. Bank Direct Debit Details Branch Sort Code qq qq qq Account Number qqqqqqqq q4. YOUR INSTRUCTION TO YOUR BANK AND YOUR SIGNATURE I instruct and authorise you to pay Direct Debits from my account at the request of The Institute of Banking. I confirm that the amounts to be debited are variable and may be debited on various dates. I shall duly notify the Bank in writing if I wish to cancel this instruction. I shall also notify The Institute of Banking of such cancellation. Signature qqqq Date q d q d / q m q m / q y q y q y q y Please note: Banks may refuse to accept instructions to charge Direct Debits to certain types of account other than current accounts. THE DIRECT DEBIT GUARANTEE: This is a guarantee provided by your own Bank as a Member of the Direct Debit Scheme, in which Banks and Originators of Direct Debits participate. If you authorise payment by Direct Debit, then: Your Direct Debit Originator will notify you in advance of the amounts to be debited to your account, and Your Bank will accept and pay such debits, provided that your account has sufficient available funds. If it is established that an unauthorised Direct Debit was charged to your account, you are guaranteed an immediate refund by your Bank of the amount so charged where you notify your Bank without undue delay on becoming aware of the unauthorised Direct Debit, and in any event no later than 13 months after the date of debiting of such Direct Debit to your account. You are entitled to request a refund of any Variable Direct Debit the amount of which exceeded what you could have reasonably expected, subject to you so requesting your Bank within a period of 8 weeks from the date of debiting of such Direct Debit to your account. You can instruct your Bank to refuse a Direct Debit payment by writing in good time to your Bank. You can cancel the Direct Debit Instruction by informing your Bank in good time. 11

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15 2013/2014 THE EASIEST WAY TO REGISTER IS ONLINE AT PROFESSIONAL CERTIFICATE AND PROFESSIONAL DIPLOMA IN INVESTMENT FUND SERVICES PERSONAL DETAILS Membership Number Surname First Name Date of Birth (dd/mm/yyyy) County of Birth e.g. Dublin (if born outside of Ireland, country of birth) Mobile Phone Number* Address* Mother s Maiden Name Have you been a UCD student before? If yes, state dates of attendance ALL FIELDS ARE MANDATORY qqqqqqq Staff Number qqqqqqqqq (if applicable) qq / qq / qqqq Mr q Mrs q Ms q E.g. attained a degree, studied a postgraduate programme or attained an award from The Institute of Banking Yes q No q From (mm/yyyy) qq / qqqq To (mm/yyyy) qq / qqqq *We will send you alerts when new correspondence is posted online to My Institute IF YOU ARE BECOMING A MEMBER ALSO COMPLETE THE MEMBERSHIP APPLICATION FORM WORK DETAILS Employer Name Department Address County Work Phone Number Note that all correspondence is sent to your work address unless requested otherwise. The Institute of Banking does not accept responsibility for correspondence sent to home addresses qqqqqqqqqqqqqq Postcode qqqqqqq HOME DETAILS Address County qqqqqqqqqqqqqq Postcode qqqqqqq 13

16 PROFESSIONAL CERTIFICATE AND PROFESSIONAL DIPLOMA IN INVESTMENT FUND SERVICES 2013/2014 PROFESSIONAL CERTIFICATE IN INVESTMENT FUND SERVICES Module Exam Date and Start Time Lecture Support 630 per module Fund Accounting and 25th Jan 2014 (3:00pm) q Valuation Legal and Regulatory 10th May 2014 (3:00pm) q Aspects of Investment Funds Custody and Registration 17th May 2014 (3:00pm) q PROFESSIONAL DIPLOMA IN INVESTMENT FUND SERVICES* Module Exam Date and Start Time Lecture Support 750 per module Regulation and Taxation 18th Jan 2014 (3:00pm) q of Investment Funds Investment Fund Structures 17th May 2014 (3:00pm) q * To register for the Professional Diploma you must hold the Professional Certificate in Investment Fund Services LECTURE VENUES Venues are available subject to demand Cork q Dublin q Limerick q LECTURE VENUES Venues are available subject to demand Cork q Dublin q Kilkenny q Limerick q EXAM VENUES Venues are available subject to demand Athlone q Belfast q Cork q Dublin q Galway q Letterkenny q Limerick q Waterford q CLOSING DATE Leading to January Exams: Friday, 8th November 2013 : Leading to May Exams: Friday, 7th March 2014 PAYMENT ADVICE Cheque/Draft Ensure you print your name and membership number (if applicable) clearly (in block capitals) on the back of the cheque or draft Post dated cheques/drafts are not accepted Make cheques/drafts payable to The Institute of Banking DO NOT SEND CASH Credit Card/Debit Card/Laser Register by credit card/debit card/laser online at or by calling the Registration line on DATA PROTECTION NOTICE The information provided by you on this registration form and generated as a result of your participation in programme(s) may be used and disclosed by The Institute of Banking for all purposes which are reasonably incidental to your participation in the programme(s). If you are taking part in programmes in the context of your employment, those purposes may include the disclosure of examination results to your employer and such other information as may be necessary to enable your employer to maintain a register of accredited individuals and for other regulatory or compliance purposes. If applicable your information may also be disclosed to the Central Bank of Ireland for Minimum Competency Code and Fitness and Probity requirements. Where you are taking part in the programme(s) in a private capacity (i.e. outside the course of your employment) you may indicate that your information should not be disclosed to your employer by ticking the box below. I confirm that I am participating in this programme outside the course of my employment. q However, if your employer subsequently seeks such information in relation to you and submits evidence to us that you took part within the course of your employment, we reserve the right to disclose your information to your employer. The Institute of Banking may also provide you with information in relation to other services which they offer. If you do not wish to receive information or offers in relation to such other services please tick this box. q You are entitled to ask for a copy of the personal data which The Institute of Banking holds about you and to have any inaccuracies in such personal data amended or erased. You may do so by writing to: The Registrar, The Institute of Banking, IFSC, 1 North Wall Quay, Dublin 1 DECLARATION I wish to register for the programme(s) selected above. By submitting this The Institute of Banking registration form, I acknowledge that I have read in full, understood and agree to be bound by the terms and conditions set out and referred to online at I further confirm that I have read and understood the contents of the data protection notice and consent to the uses and disclosures of my personal data as set out therein. Signature qqqqqqqqqqqqqqq Date q d q d / q m q m / q y q y q y q y COMPLETED FORMS CAN BE POSTED TO: THE INSTITUTE OF BANKING, IFSC, 1 NORTH WALL QUAY, DUBLIN 1. 14