The Revised Fund Manager Code of Conduct and Code of Conduct – What ALL Fund Managers Need to Know

Highlights of the course include:

• Person to whom the FCC applies:
  • Fund managers “responsible for overall operation of a fund” – what does it mean?
  • Private funds
  • Discretionary managed accounts
  • To whom will it NOT apply?
• Additional disclosure requirements for Funds:
  • Securities lending and REPOs
  • Custodian / safe custody of fund assets
  • Liquidity risk management
  • Disclosure of leverage
  • Fund portfolio valuation
  • Audited financial statements
  • Risk management
  • Side pockets
• Discretionary Managed accounts
  • Minimum content requirement in Client Agreement – how to modify the Client Agreement – are there difficulties being encountered?
  • Performance review and valuation reports
• Fund Documentation Update – e.g. PPM, IMA etc. – what happens if not yet done?
• Fund Distributors – additional disclosures enhancing point-of-sale transparency in the Code of Conduct – what type of disclosures required?
  • Disclosure of monetary and non-monetary benefits
  • Disclosure of transaction related information – independence, etc.
• Compliance and policies update including conflict of interests, personal account dealing
• To date – has the new FMCC been operating well?