Responsibilities of board members and conducting officers of fund management companies

The regulatory framework describing the roles and responsibilities of managing directors and control functions in Luxembourg AIFs has evolved considerably in the last few years.

On national level, the CSSF circular 18/698 regarding the authorisation and organisation of Luxembourg AIFs strengthens the applicable regulatory requirements. It emphasizes the importance of proper governance and management control in AIFs.

This course is designed to bring the participants up to speed with the latest governance responsibilities.

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

• describe the organisational requirements and governance framework applicable to an AIFM company;
• define the impacts of the circular on the key practical tasks which are incumbent to a director, conducting officer and control functions in an AIF.

• Authorised scope of activities of an investment fund management company
• Members of the board of directors of an investment fund management company
• Risk management in an investment fund management company: role of the risk officer, management committee and board of directors
• Compliance function in an investment fund management company: role of the compliance officer, management committee and board of directors
• Internal function in an investment fund management company: 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
• AIFM vs AIF - allocation of roles

This training is coordinated by Xavier Balthazar, Partner in charge of regulatory advisory, from PwC Luxembourg.

Xavier is a partner in the regulatory practice in PwC Luxembourg, with substantial expertise in financial sector and funds’ regulations.

He participated to many set ups and restructurings of investments funds, management companies and professionals of the financial sector in Luxembourg and abroad, including the definition of their organisation, processes and procedures.

He is also a regulatory compliance expert for depositary banks and fund administrations.