The 6th Annual Conference

Ucits III Risk Management

November 8 & 9, 2007

Kikuoka Golf Club - Luxembourg

Kikuoka Golf Club

Luxembourg

The MGI 6th Annual UCITS III Conference will this year cover three areas of significant importance for the Luxembourg fund industry.

The first one will address the consequences of the widening of eligible assets and the so call Super or Hybrid UCITS through practical case-studies descriptive of the first products already constructed and agreed by the regulators. Last year the discussion was about the draft directive and CESR guidelines, this year fund promoters and administrators are facing the challenge to oversee whether the products they are currently developing meet the criterion of eligibility. An auditor's view will be also paramount to address the compliance requirements associated with UCITS sophisticated products. Further more, the development of indices for alternative assets such as hedge fund indices and the use of index replicating techniques imply a close check to identify an asymmetry of information on the risk management side or further compliance requirements. The appearance and success of UCITS "sophisticated products" is changing the day to day business of all the industry participants alongside the fund's value chain and implies a close look at processes, flows and systems as well as a re-examination of the risk management/measurement measures in practice. A significant amount of time will be therefore dedicated to address the prescriptive regulator's view point, the industry practice and how to arbitrage amongst a measurement oriented approach or a judgement oriented approach.

The second one is related to the adjustment needed to the actual UCITS regime and will update the current discussions at EC and Member States level as well and discuss the issues at stake from a promoter's and service provider's perspective. The panel will cover the ManCo passport, the simplified "simplified prospectus", fund mergers, fund pooling and master - feeder as well as all issues linked to distribution.

The third part will give an update of newly transposed legislations impacting the fund industry such as MiFID which will be in force at the date of the conference, the MiFID fund vademecum to be issued by the European Commission and broadly the question related to the creation of a secondary market at distribution level. Also on the agenda the Transparency Directive as well as the question linked to the computation of solvency ratios at fund level and their impact on administrators as well as the ALFI /ABBL initiative to create a platform for the provision of such services.

The agenda for this year conference is very exiting as new developments are looming with significant impact for the UCITS community and therefore, don't miss the opportunity to participate to proactive discussions and exchange challenging ideas as well as practical insights.

Very kind regards

Francois Golbery
Chief Executive Officer
MGI Suisse SA