Responsibilities of board members and conducting officers of funds and IFMs

Board members of funds and any person working in an investment fund company as:

• conducting officer
• managing director
• control function

Over the past years, there has been a substantial evolution in the regulatory framework pertaining to the roles and responsibilities of the managing body (board of directors), senior management (conducting officers), and control functions within Luxembourg IFMs (Investment Fund Managers).

At national level, CSSF circular 18/698 enhances the regulatory requirements governing the authorisation and organisation of Luxembourg funds and IFMs. Said circular underscores the significance of sound governance and effective management control within IFMs.

This course is designed to provide participants with comprehensive knowledge and understanding of the latest governance responsibilities.

By the end of this training, participants will be able to:

• describe the organisational requirements and governance framework applicable to an IFM;
• evaluate the impacts of the circular on key operational tasks which are fundamental to the Board, conducting officers, and control functions in an IFM.

• Authorised scope of activities of an IFM
• Members of the board of directors of an IFM
• Risk management in an IFM: role of the risk officer, management committee and board of directors
• Compliance function in an IFM: role of the compliance officer, management committee and board of directors
• Internal audit function in an IFM: role of the internal auditor, management committee and board of directors
• Control of delegated tasks
• Procedure for approval of new business relationships and new products
• IFM vs. fund - allocation of roles

This training is coordinated by Xavier Balthazar, Partner at PwC Luxembourg.

Xavier Balthazar is a partner in the regulatory practice at PwC Luxembourg, specialising in financial sector and funds regulations. He has extensive experience in setting up and restructuring investment funds, management companies, and financial sector professionals both in Luxembourg and internationally, focusing on their organisation, processes, and procedures. Xavier serves as a regulatory compliance expert for depositary banks and fund administrations and leads a regulatory watch service for banks and asset managers. His expertise includes legal and regulatory aspects of investment funds, licensing of financial professionals, and UCITS and alternative investment funds. He has contributed to client projects involving licensing, compliance adaptation, fund administration, and regulatory training, and is a recognised speaker at industry conferences.