UCITS Manco Service

Stand alone UCITS in Ireland, Luxembourg & other EU jurisdictions.

Self Managed UCITS.

  • The Business Plan details the managerial functions, the activities to be undertaken for each function and the person responsible. The AIFM will ensure that the Business plan is reviewed and maintained up-to-date.
  • Portfolio Management.
  • Risk Management.
  • Oversight of all AIFMD Management Functions.
  • Oversight of Organizational Effectiveness.
  • Corporate governance oversight including compliance with prospectus requirements, legislation, regulations and investment policy guidelines.
  • Money Laundering Reporting Officer (MLRO) Services.
  • FATCA Responsible Officer Services.
  • Liaising with and supervising fund service providers including Depository, Investment Manager, Investment Advisor, Administrator, Independent Valuers, Auditors & Legal Advisors.
  • Undertaking regulatory filings (including Annex IV ), ensuring all ongoing regulatory approvals obtained in a timely manner and generally liaising with Regulators in relation to the Fund.
  • Liaising with all service providers to provide effective oversight and ensure that all correct documentation, Investment Guidelines and Operating Procedures are in place and are updated as required.
  • Overseeing compliance with Investment Management approach.
  • Receiving regular (monthly/quarterly) reporting from Investment Manager.
  • Ensuring Investment Manager reports quarterly to the Board.
  • Investigating breaches of investment restrictions and monitoring to resolution.
  • Ensuring the Board considerers material breaches of restrictions and that they are reported to the CBI.
  • Ensuring policies and procedures in place in relation to trading e.g. Best Execution Policy.
  • Preparing CBI returns e.g. Sub-fund profile questionnaire and ensure returns are made.
  • Conducting ongoing due diligence by way of site visits as appropriate to ensure policies and procedures in are in place to support adherence to investment mandate.
  • Reporting quarterly to the Board on activities undertaken.
  • Reviewing activities & procedures to ensure all the regulatory requirements have been met (as set out in the annex to CP86 June 2016)
  • Providing a permanent risk management function which is maintained separate from the Investment Management function.
  • Ensuring that Risk Management policies, procedures and approach are in place for the Fund including procedures adequate to safeguard the security, integrity, and confidentiality of information.
  • Ensuring Business Continuity Policies are in place in case of an interruption to the systems and procedures.
  • Ensuring that Cyber security policies are in place.
  • Ensuring that policies and procedures for preventing malpractices which might affect the stability and integrity of the market are in place e.g. Code of Ethics.
  • Ensuring that risks including Reputational, Regulatory and Key person risks are considered.
  • Ensuring material breaches are considered by the Board and reported to the CBI.
  • Conducting on-ongoing due diligence site visits as appropriate.
  • Providing the Board with quarterly Risk management reporting.
  • Reviewing activities & procedures to ensure all the regulatory requirements have been met (as set out in the annex to CP86 June 2016)
  • Reviewing the Prospectus, Supplement and the Fund’s risk management policy (“RMP”) to ensure the risks to which the Fund may be exposed are outlined and validate how the risks are monitored and measured vis-à-vis the Fund positions.
  • Ensuring that the fund is in compliance with Fund risk limits, global exposure and counterparty risk limits.
  • Investigating breaches of risk limits and monitoring to timely resolution.Ensuring material breaches of restrictions are considered by the Board and reported to the CBI.
  • Performing back testing and stress testing.
  • Ensuring that adequate valuation methodology are in place for OTC FDIs.
  • Ensuring returns are made as appropriate e.g. In relation to the RMP, the types of FDIs, underlying risks, quantitative limits and the methods which are chosen in order to manage FDI-related risk.
  • Conduct ongoing due diligence by way of site visits as appropriate.
  • Providing quarterly reporting to the Board on activities undertaken.
  • Reviewing activities & procedures to ensure all the regulatory requirements have been met (as set out in the annex to CP86 June 2016)
  • Ensuring that a Distribution Agreement is in place setting out clear responsibility for the Fund’s Distributor.
  • Ensuring that a Distribution Strategy is documented and approved by the Fund Board.
  • Ensuring policies and procedures in relation to distribution of the Fund in various territories are in place.
  • Checking where the Fund markets its units in an EU Member State that the Fund has submitted a notification letter to the CBI.
  • Verifying that a website is available to investors where fund documentation can be obtained.
  • Ensuring that investor complaints are correctly handled.
    • Each complaint and the measures taken for its resolution is recorded.

    • Ensure material complaints are considered by the Board.

  • Ensuring that the Board receives quarterly reporting from the Distributor.

  • Conducting on-going due diligence site visits as appropriate.

  • Providing quarterly reporting to the Board on activities undertaken.

  • Reviewing activities & procedures to ensure all the regulatory requirements have been met (as set out in the annex to CP86 June 2016)

  • Reviewing the Calculation of initial an ongoing regulatory capital requirements.
  • Ensuring capital adequacy reporting is made to the CBI.
  • Ensuring appropriate accounting policies and procedures are in place.
  • Ensuring all assets and liabilities of the Fund are known at all times.
  • Verifying that policies and procedures are in place which ensure that the accurate calculation of the net asset value (NAV) of each Fund to facilitate subscription and redemption orders being properly executed at NAV.
  • Ensuring that a record of information maintained which is sufficient to reconstruct the details of an order and executed transaction.
  • Verifying that retention policies are in place to ensure records are retained for a period of at least 5 years.
  • Ensuring the Funds annual report for each financial year and a half-yearly report is submitted to the CBI.
  • Checking that Financial reports are available to investors in the manner specified in the Prospectus & Supplement.
  • Ensuring the Board receives reporting quarterly from the service providers including the Administrator, Transfer Agent and Independent Valuer (where relevant).
  • Conducting on-going due diligence site visits as appropriate.
  • Providing quarterly reporting to the Board on activities undertaken.
  • Reviewing activities & procedures to ensure all the regulatory requirements have been met (as set out in the annex to CP86 June 2016)
  • Specific role conducted by a Fund’s Independent Director
  • Ballybunion Capital as AIFM provides support services to Independent Director in fulfilling his role for Organisational Effectiveness.
  • Good governance and oversight of delegated activities is fundamental for regulated fund structures in order to enhance investor protection.
  • Delegation model is used extensively by Irish Management Companies and Irish Funds.
    Those entities must not delegate to the extent that they become letter box entities.
    • Delegation of activities does not reduce the Board ultimate responsibilities.
    • Responsibility of the Board to determine the appropriate approach & structure.
    • Appointment of a management company is one such approach.
  • Substance is demonstrated through evidence based activity and in place
    • Governance approach and structures.
    • Strong Compliance approach.
    • Ability of Regulator to supervise.
  • Good governance arrangements requires each Management Company/Board to ensure
  • The Management Company conducts the ‘day to day’ executive management activities ensuring that substance is demonstrated through evidence based activity.
  • Capacity. This is a substantive Role. Providing ‘day to day’ oversight of delegated activities between Board and Delegates.
  • Competency. Demonstrate experience & expertise in the specific role undertaken.
  • Seniority. Knowledge and seniority to challenge delegates and to engage with the CBI.
  • Responsibilities clearly documented. Business plan sets out the responsibilities and there is a requirement to keep abreast of developments in that particular managerial area.
  • Policies & procedures. Developed for each Fund or verify why appropriate to rely on delegates policies and procedures and keep policies under review.
  • Record Retention policy & procedures : Schedule of records; contracts; LOE’s; Board minutes; reports to AIFM; Site Visits Records; policies & procedures
  • Dedicated email address subject to constant monitoring (i.e. daily)
  • Portfolio Management.
  • Risk Management.
  • Oversight of all AIFMD Management Functions.
  • Oversight of Organizational Effectiveness.
  • Corporate governance oversight including compliance with prospectus requirements, legislation, regulations and investment policy guidelines.
  • Money Laundering Reporting Officer (MLRO) Services.
  • FATCA Responsible Officer Services.
  • Liaising with and supervising fund service providers including Depository, Investment Manager, Investment Advisor, Administrator, Independent Valuers, Auditors & Legal Advisors.
  • Undertaking regulatory filings (including Annex IV ), ensuring all ongoing regulatory approvals obtained in a timely manner and generally liaising with Regulators in relation to the Fund.
  • Liaising with all service providers to provide effective oversight and ensure that all correct documentation, Investment Guidelines and Operating Procedures are in place and are updated as required.
  • Ensuring strategic decision making relating to the Fund is retained by the Board.
  • Reviewing the organisational structure and considering whether it remains ‘fit for purpose’ and structured in order to meet the best interests of investors.
  • Monitoring compliance with procedures and structures agreed by the Board for the ongoing monitoring of work delegated to third parties.
  • Ensuring the effectiveness of the services provided by delegates is monitored and issues are escalated to the Board. This would include ensuring that appropriate levels of initial and on-going due diligence is carried out to ensure that delegates continue to meet agreed service standards.
  • Assessing whether data relied upon by the Board to assess the performance of delegates is providing a clear, property structured and comprehensive overview of the material reported on.
  • Overseeing the work of conducted under each AIFMD Managerial Function.
  • Conducting periodic Board effectiveness evaluations.
  • Reporting on overall organisational effectiveness to the Board and escalating any organisational effectiveness issues to the Board.