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 Anthony Bianco, Partner and Claudia Tripodo, Director at PwC Luxembourg.

• Anthony is a partner at PwC Luxembourg, co-leading Internal Audit and Regulatory Advisory services for Financial Sector clients, including Asset Management and Banks. With over 18 years of experience in internal and external audit, he holds a Certified Internal Auditor (CIA) qualification. Anthony oversees numerous compliance and regulatory advisory projects within the Asset Management and Alternatives industries, focusing on CSSF inspection preparation, licensing processes, compliance methodologies, and policy development. His expertise spans Internal Audit, Asset Management, Regulatory Compliance, and AML/CFT/KYC, with notable client projects involving management companies, alternative investment fund managers, specialised PFS, fund administrators, registrar agents, and depositary banks.
• Claudia is a director in the Regulatory Compliance Advisory Department at PwC Luxembourg, with over six years of experience in the asset and wealth management industry. She specialises in fund set-up, regulatory maintenance, restructuring projects, licensing of financial sector professionals and management companies, and reviewing management company activities to ensure compliance with regulatory requirements. Her responsibilities include drafting and reviewing fund documentation, management policies, and CSSF intermediation, as well as conducting gap analyses and remediation plans for new laws and regulations. Claudia has led key projects involving UCITS and alternative investment funds, sustainable finance, regulatory updates, and has delivered internal and external training sessions.