investment funds · association (abbl) with the distinctive mission to «prepare, create, develop...

Professional Qualification in

Investment FundsLuxembourg is recognized as a centre of excellence for the domiciliation and the administration of investment funds. The ever growing industry and the development of highly sophisticated products which are administrated in Luxembourg require a continuous sharpening of the technical know-how.

These competences may be acquired through specific training pathways which are flexibly adapting to the changes in the fund industry. The courses are taught by business experts and organised by IFBL in partnership with ALFI.

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Partners

IFBLIFBL-L’Institut (www.ifbl.lu) was created in 1990 as the training institute of the Luxembourg Bankers’ Association (ABBL) with the distinctive mission to «prepare, create, develop and promote any training means, programmes or actions, in the interest of the financial centre of Luxembourg». The Institute thus provides wide-ranging programmes from industry basics to state-of-the-art highly specialised courses. Today, the Institute is proud to welcome each year well over twelve thousand participants and to provide them with the training, support and guidance they need in the development of their professional careers. Since 2010, the Institute has been offering not only training courses but also a wide range of options in the field of career and personal development. As of 2015, IFBL-L’Institut will act as the “financial pillar” of the newly created House of Training.

www.ifbl.lu

ALFIThe Association of the Luxembourg Fund Industry (ALFI) is a non-profit making association that is the representative body of the Luxembourg investment fund community. Created in 1988, ALFI is a member of European Fund and Asset Management Association (EFAMA) and International Investment Fund Association (IIFA) and has as its mission to “lead industry efforts to make Luxembourg the most attractive international centre for investment funds”. ALFI has as its objective to help its members capitalise on industry trends, shape regulation, encourage professionalism, integrity and quality and to promote the Luxembourg investment fund industry.

www.alfi.lu

This training is endorsed by the Luxembourg Bankers’ Association (ABBL)

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Training overview

01. fundamentals certificate

9 M1 courses68 hours

Written examination

1 exam per module

02. career Pathways

Certified Fund Accountant (Junior)6 M1 courses | 2 M2 courses72 hours

Written examination

1 exam per module

Certified Fund Accountant (Senior)1 M1 course | 3 M2 courses | 1 M3 course44 hours1 optional M’ course: 12 hours

Certified Transfer Agent1 M1 course | 1 M2 course16 hours

Certified Depositary Bank Agent8 M1 courses | 2 M2 courses | 1 M3 course92 hours

Certified Fund Lawyer6 M1 courses | 1 M2 course48 hours1 optional seminar: 16 hours

Fund Compliance Officer4 M1 courses | 2 M2 courses | 1 M3 course68 hours1 optional seminar: 16 hours

03. senior fund specialist

1 specified career pathway certification + a series of cross-sectional examinations

› 3The training offer proposes 5 certifying career pathways, each one composed of several training courses. The duration of a course (or “module”) varies between 4 hours and 3 days. Each module focuses on specific learning objectives as well as on a precise level of understanding. These are specified in the title of the course as follows:

M1 Understanding the fundamentalsM2 Improving your know-howM3 Mastering a subject / an activityM’ Dealing with specificities. For these courses there is no optional examination

To obtain a certification a candidate has to pass all the examinations of the certificate “The Fundamentals” as well as of the chosen career pathway. Candidates who wish to obtain a global certification in addition to a particular career certification can select a number of courses out of the Senior Fund Specialist offer.

Anyone who does not wish to take all the courses of the complete certification programme is welcome to attend any course as a single unit (with or without the exam).

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The ever growing industry and the development of highly sophisticated products which are administrated in Luxembourg require a continuous sharpening of the technical know-how.

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Courses in detail

The Fundamentals Certificate is a prerequisite for all of the certifications in this IFBL / ALFI training offer and provides: a fundamental knowledge of the legal, regulatory and ethical context of the investment fund industry in Luxembourg; the fundamentals of the classic underlying financial instruments and the standard operational flows.

People wishing to obtain this certification, who are able to provide a recognized examination certificate proving that they have the required knowledge in the financial products subjects, may request possible exemptions.

TARgeT AudIeNCe

This training pathway targets a broad audience, i.e. anyone wishing to acquire a fundamental knowledge in the investment fund industry in Luxembourg.

CONTeNTs

This training pathway is composed of a number of training courses which are offered in French as well as in English. Details of each course can be found on our website:

www.ifbl.lu/training-offer/parcours-de-base-opc-certifie

Module in french duRATION Module in english

M1 Place financière 8 hours M1 Financial Centre of Luxembourg

M1 Lutte contre le blanchiment

4 hours M1 Anti-Money Laundering

M1 Marchés des capitaux

8 hours M1 Capital Markets

M1 Change 8 hours M1 Foreign Exchange

M1 Taux d’intérêt 8 hours M1 Short Interest Rates

M1 Obligations 8 hours M1 Bonds

M1 Actions 8 hours M1 Shares

M1 Acteurs et cadre légal des OPC

8 hours M1 UCIs: Actors & Legal Environment

M1 Flux relatifs aux OPC

8 hours M1 UCIs: Operational Flows

fundamentals certificatePrerequisites: None

01.

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exAMINATIONs

Examinations are available for each of the individual modules above. The pass mark is 50% and they are all multiple choice exams. Results will be sent to the “Exam” address indicated by the candidate on the registration form.

Any candidate who has successfully passed all examinations for a certification may request the delivery of a formal certificate using the appropriate request form, available on our website:

www.ifbl.lu/training-offer/parcours-de-base-opc-certifie

The Fundamentals Certificate is a prerequisite for all of the certifications in this IFBL / ALFI training offer.

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Accounting and fund valuation: The fund accountant books all the transactions and the operations having an impact on the assets of a fund. His / her role also includes the valuation of funds in order to determine their net asset value and to prepare financial statements.

People wishing to obtain this certification, who are able to provide a recognized examination certificate proving that they have the required knowledge in any of the financial products subjects, may request possible exemptions.

The Fund Accountant career path is split into two certificates “Junior” and “Senior”.

TARgeT AudIeNCe

This training pathway targets fund industry professionals wishing to develop their career as a fund accountant.

CONTeNTs

This certification path is composed of a number of training courses which are offered in French as well as in English. Details of each course can to be found on our website:

www.ifbl.lu/training-offer/parcours-comptable-opc-junior-certifie


M1 Futures 8 hours M1 Futures

M1 IRS et swaps financiers

8 hours M1 IRS and Financial Swaps

M1 Options et warrants

8 hours M1 Options and warrants

M1 Produits structurés

8 hours M1 Structured Products

M1 Comptabilité OPC

8 hours M1 UCIs: Fund Accounting

M1 Valorisation des investissements

12 hours M1 UCIs: Investment Valuation

M2 Comptabilité opérations classiques OPC

12 hours M2 UCIs: Booking Standard Transactions

M2 Comptabilité opérations complexes OPC

8 hours M2 UCIs: Advanced Fund Accounting

exAMINATIONs


Any candidate who has successfully passed all examinations for a certification may request the delivery of a formal certificate using the appropriate request form, available on our website.

Fund Accountant (Junior) Prerequisites: The Fundamentals certificate

career Pathways

02.Career pathFund Accountant

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N’existe pas en français

8 hours M1 UCIs: Introduction to European Fund Taxation

M2 UCIs: NAV Errors & Breaches – Circ. 02/77 (FR)(cours enseigné en français avec un support en anglais)

8 hours M2 UCIs: NAV Errors & Breaches – Circ. 02/77 (eN)

M2 Contrôler une VNI

12 hours Not available in English

M3 Commissions de performance



8 hours M1 UCIs: Key Insights into IFRS

oPtional

M’ UCIs: European Tax for Lux Funds (FR) (cours enseigné en français avec un support en anglais)

12 hours M’ UCIs: European Tax for Lux Funds (eN)

TARgeT AudIeNCe

This training pathway targets fund industry professionals who have already obtained the Fund Accountant (Junior) and / or wish to develop their career further as a fund accountant.

CONTeNTs

This training pathway is composed of a number of training courses which are offered in part in French as well as in English. Details of each course can to be found on our website:

www.ifbl.lu/training-offer/parcours-comptable-opc-senior-certifie

exAMINATIONs

Examinations are available for each of the individual modules above (except for the optional module). The pass mark is 50% and all M1 examinations consist of multiple choice questions whilst the M2 and M3 examinations of this pathway may be composed of multiple choice questions, written questions or both. Results will be sent to the “Exam” address indicated by the candidate on the registration form.


Fund Accountant (senior) Prerequisites: The Fundamentals certificate and Fund Accountant (Junior) certificate.

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Fund distribution: The transfer agent is the intermediary between investors, distributors and the investment fund. Transfer agency professionals handle subscriptions, redemptions, switches and manage cash. They manage investor documentation whilst performing the necessary controls required within the regulatory framework of anti money laundering and watch over fund events related to the funds’ portfolios.

TARgeT AudIeNCe

This training pathway targets fund industry professionals wishing to develop their career within a transfer agency.

CONTeNTs

This training pathway is composed of a number of training courses which are offered in French as well as in English. Details of each course are to be found on our website:

www.ifbl.lu/training-offer/parcours-agent-de-transfert-certifie


M1 UCIs: Transfer Agency (FR) (cours enseigné en français avec un support en anglais)

8 hours M1 UCIs: Transfer Agency (eN)


8 hours M2 AML for Funds

exAMINATIONs



Career pathTransfer AgentPrerequisites: The Fundamentals certificate

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M1 Futures (FR) 8 hours M1 Futures (eN)

M1 IRS et swaps financiers

8 hours M1 IRS and Financial Swaps

M1 Options et warrants

8 hours M1 Options and warrants

M1 Produits structurés

8 hours M1 Structured Products

M1 Back-office titres 4 hours M1 Back-Office Roles & Operations

M2 Back-office: custody et settlement


M3 Back-office: custody et settlement


M1 UCI’s: Custody & Depositary Functions (FR) (cours enseigné en français avec un support en anglais)

8 hours M1 UCI’s: Custody & Depositary Functions (eN)


8 hours M2 Depositary Bank in Practice


8 hours M1 UCITS & Non-UCITS ManCos

M1 Politique et restrictions d’investissement

8 hours M1 UCITS: Investment Policies & Restrictions

safekeeping of assets: Custodian and depositary bank professionals are tasked with the monitoring of investments and ensuring the availability of the assets of the funds. They ensure that investments are made in conformity with the policies and restrictions of the funds and manage the corporate actions of the shares that the funds are invested in.

People wishing to obtain this certification, who are able to provide a recognized examination certificate proving that they have the required knowledge in any of the financial products subjects, may request possible exemptions.

TARgeT AudIeNCe

This training pathway targets fund industry professionals wishing to develop their career within a depositary or custodian bank.

CONTeNTs


www.ifbl.lu/training-offer/parcours-agent-banque-depositaire-certifie

Career pathDepositary Bank AgentPrerequisites: The Fundamentals certificate

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exAMINATIONs

Examinations are available for each of the individual modules above. The pass mark is 50% and all M1 examinations consist of multiple choice questions whilst the M2 and M3 examinations of this pathway may be composed of multiple choice questions, written questions or both. Results will be sent to the “Exam” address indicated by the candidate on the registration form.


Custodian and depositary bank professionals are tasked with the monitoring of investments and ensuring the availability of the assets of the funds.

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setting up an investment fund: Fund lawyers define the legal form of the fund, create its component documents and prepare files for other service providers and the authorities. They follow the evolution of legislation relative to investment funds.

TARgeT AudIeNCe

This training pathway targets lawyers and fund industry professionals wishing to develop their career as a fund lawyer.

CONTeNTs


www.ifbl.lu/training-offer/parcours-juriste-opc-certifie

exAMINATIONs

Examinations are available for each of the individual modules above (except for the optional module). The pass mark is 50% and they are all multiple choice exams. Results will be sent to the “Exam” address indicated by the candidate on the registration form.




8 hours M1 UCIs: International Fund Registrations

M1 Fiscalité des OPC luxembourgeois


M1 Organisation et vie sociale des OPC

8 hours M1 UCIs: Organisation and Legal Life



M1 Produits dérivés pour juristes OPC



8 hours M1 UCITS & Non-UCITS ManCos

M2 Admettre un OPC à la cotation


oPtional


16 hours Responsibilities of Fund Directors

Career pathFund LawyerPrerequisites: The Fundamentals certificate

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Protection of the investment fund: The Compliance Officer has the mission to protect the fund against damage that could result from the failure to respect the statutory and ethical legislative standards.

TARgeT AudIeNCe

This training pathway targets fund industry professionals wishing to develop their career as a compliance officer within the fund industry.

CONTeNTs


www.ifbl.lu/training-offer/parcours-compliance-officer-opc

exAMINATIONs

Examinations are available for each of the individual modules above (except for the optional module). The pass mark is 50% and they are all multiple choice exams. Results will be sent to the “Exam” address indicated by the candidate on the registration form.

This career path does not offer a certification at this time. For more information regarding certification in compliance please refer to Certifications in Compliance on our website or contact our customer service team.


M1 Compliance (FR) (cours enseigné en français avec un support en anglais)

4 hours M1 Compliance (eN)


8 hours M1 UCIs: Introduction to Fund Compliance



M1 Risques financiers

8 hours M1 Risk Management

M2 UCIs: NAV Errors & Breaches – Circ. 02/77 (FR) (cours enseigné en français avec un support en anglais)

8 hours M2 UCIs: NAV Errors & Breaches – Circ. 02/77 (eN) (cours enseigné en français avec un support en anglais)


8 hours M3 Risk Management in Investment Funds

M2 Restrictions d’investissement


oPtional


16 hours Responsibilities of Fund Directors

Career path (non certifying)

Fund Compliance OfficerPrerequisites: The Fundamentals certificate (recommended)

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For those seeking a more polyvalent and transversal qualification in funds, not just specializing in one particular domain, the IFBL also offers a more comprehensive certificate for which the eligibility criteria are indicated below. Alongside traditional funds, this certificate also includes a fundamental knowledge of alternative investment funds (Real Estate, Private Equity and Hedge funds).

Due to the constant evolution of the fund industry, the composition of this certification has been regularly updated. Upon request, candidates having worked towards this certification over an extended period and based upon previous requirements, may also be considered for eligibility.

To obtain this particular certification the candidate who fulfills the conditions listed below must submit an application. The application form can be downloaded from our website on all the pages describing the different pathways.

Conditions

› having obtained the “Fundamentals” certificate.

› having obtained one of the following career path certifications:

•Senior Fund Accountant•Depositary Bank Agent•Fund Lawyer

› having passed the examinations of each module:

•M1 Comptabilité OPC / M1 uCIs: Fund Accounting

•M1 uCIs: Transfer Agency (FR) / (EN)

•M1 Politique et restrictions d’investissement / M1 uCITs: Investment Policies & Restrictions

•M1 uCIs: Introduction to Fund Compliance

•M1 Risques financiers / M1 Risk Management

•M1 uCI’s: Custody & Depositary Functions (FR) / (EN)

› having passed the examinations of 2 of the modules listed hereunder:

•M1 Hedge Funds

•M1 ReIF Fundamentals

•M1 Private equity Fundamentals

•M1 uCITs & Non-uCITs ManCos

•M2 Hedge Fund Accounting & Custody *

•M1 Organisation et vie sociale des OPC / M1 uCIs: Organisation and Legal Life

•M2 AML for Funds *

•M3 Commissions de performance

•M3 Risk Management in Investment Funds *

* Please note that registering for a M2 or M3 course requires the relevant prerequisite knowledge.

senior fund specialist

03.

Practical information

› 15duration and Prices

› Dates for the examinations are at the discretion of the candidate (every Tuesday and the last Thursday of each month)

course DURATION PRICE + 3% VAT

M1 4 hours € 100,-

M1 8 hours € 195,-

M1 12 hours € 295,-

M2 4 hours € 130,-

M2 8 hours € 255,-

M2 12 hours € 385,-

M2 24 hours € 760,-

M3 8 hours € 320,-

M3 16 hours € 635,-

M’ 12 hours € 385,-

responsibilities of fund directors (executive seminar)

16 hours

€ 1.475,-

exaMination DURATION PRICE + 3% VAT

M1 1 hour € 40,-

M2 1,5 hours € 45,-

M3 1,5 hours € 45,-

dates

All scheduled dates are indicated on our website: www.ifbl.lu

schedules

day courses (morning sessions): 8:30 am to 12:30 pm

day courses (afternoon sessions): 1:30 to 5:30 pm

Written examinations: from 8:45 onwards

languages

See list of courses.

registrations

Registrations have to be submitted on the IFBL application form at the latest 5 working days prior to the beginning of the course. For registrations on a professional basis our registration form is to be downloaded from www.ifbl.lu (“outils-téléchargements” in the main menu). Please note that registrations on a private basis are only acceptable through the IFBL Web site (online registration and payment).

Les conditions générales de l’IFBL indiquées sur le formulaire d’inscription sont d’application.

training location

Centre de Formation IFBL/ Chambre de Commerce 7, rue Alcide de Gasperi | L-1615 Luxembourg

An underground parking (paying) is available in the building. Several buses stop nearby. Details are to be found on www.mobiliteit.lu

contact

IFBL - Customer service [email protected] Tel.: +352 46 50 16 – 1 | Fax: +352 46 50 19

www.ifbl.lu

www.houseoftraining.lu

Registration form

RegistRation on a pRofessional basis (private registrations are only accepted through our website www.ifbl.lu)

For courses and/or examinationsName of the course Date (start) Date for chosen exam session (*) (**)

(*) The dates published on our website have to be selected with a range of minimum 10 working days before the dispatching date of the registration form.(**) The presentation of a valid ID is required on the examination day.

paRticipantCompulsory indications Optional indications

F M Home address (street)

Name Home address (town)

First name Mobile

Date of birth

E-mail

Member in the partner association ACA ACI ADA ALCO ALRiM ICMA IIA ILA

employeR (company to be billed)Indications to be delivered with each registration

Name

The employer declares to have read and accepted the presently applicable general conditions of the IFBL.

Date and signature

Stamp of the company

indications to be deliveRed only with the fiRst RegistRation made by an employeR*

Name of the company

Street Postal code & town

P.O. Box Postal code & town

Member IFBL Member ACA Member ALFI Member ICMA Member ILA

notifications to be sent to the following persons: Include participant YES NO

Registrations Phone/E-mail

Invoices Phone/E-mail

Exams Phone/E-mail

*These indications will serve for all future registrations from the same employer. Any modification has to be sent in writing. The collected data is processed in accordance

with the regulations set out by the law of 2 August 2002 on the protection of persons with regard to the processing of personal data.

[email protected] : (+352) 46 50 19B.P. 13, L-2010 Luxembourg

General conditions

RegistrationprocedureIn order to ensure maximum flexibility, unless otherwise indicated, the IFBL offers separate registration for training courses and examinations. In most cases, it is thus possible to register for a course, without taking the ex-amination, or on the contrary, register for an examination in order to have your knowledge tested, without having attended the course. However, for advanced training courses, the IFBL reserves the right to require presenta-tion of a dossier or some other evidence to ensure participants have the necessary basic knowledge.

Registrationonaprofessionalbasis(payablebytheemployer):You can register in any of the following ways:• complete and return the registration form - by e-mail (scanned form (PDF) to be returned to [email protected]) - by fax (46 50 19) - by post (B.P. 13, L-2010 Luxembourg)

Each registration form must contain the following information: course and/or exam name, date of the session, participant’s forename, surname and e-mail address, mobile number (optional), employer’s name, billingaddress if different from default data, see under “Notifications”). For training courses offered in collaboration with the professional associa-tions with which the IFBL has entered into a partnership, members of those associations can enjoy a discount off training courses organised in collabo-ration with that partner association. In order that these discounts can be granted, the employer’s or participant’s membership must be indicated on the registration form. The IFBL reserves the right to require proof. Registrations must reach the IFBL at least five working days before the start of the course. The IFBL reserves the right to rejection registration forms if the information is incomplete or supplied once the additional time allowed for providing full information has expired.

Privateregistrations(payablebytheprivateindividual):Private registrations are only accepted online and by electronic payment. They must be submitted, approved and paid for by electronic means at least five working days before the start of the course/exam.

NotificationsOn first contact, every employer registering employees for IFBL training courses must provide us with the following information:• Complete name and address of the company.• “Registrations”: Name and one e-mail address of the person to whom the

IFBL should send its notifications relating to registrations (confirmations,cancellations…). These e-mails may be sent to the employer or theparticipant, or both. Once the preference has been selected, it will apply to all registrations from that company until otherwise instructed in writing.

• “Examination”: Name and one e-mail address of the person to whom the IFBL should send its notifications relating to examination results. These e-mails may be sent to the employer or the participant, or both.

• “Invoices”: Name and one e-mail address of the person to whom theIFBL should send invoices. By default, the address of the initial regis-tration contact will be used for all communications. Any change must be notified in writing to our Customer Service Department.

Terms of paymentFor registrations on a professional basis, our invoices will be e-mailed, sep-arately from the course confirmation, to the billing address indicated on the registration form. They will not be signed.

If a specific billing address is not given to us, the invoice will be sent to the registrations address. Other than for an input error on our part, requests to correct the billing address received after the invoice has been raised will entail an extra administration charge of 25.00 EUR.

Applications for discounts on attendance fees for a course organised in partnership with an association of which the employer or participant are members will not be accepted unless that information was provided at the time of registration.

As a general rule, payment should be made on the basis of that invoice within 30 working days of receipt.

Any disputes will only be entertained within five working days of receipt of the invoice. Private enrolments are only accepted by on-line enrolment and and electronic payment.

Cancellation conditions Cancellation of an enrolment for a courseAll cancellations must be advised in writing. Unless a medical certificate is provided, for cancellations received less than five working days before the start of the course, we will be obliged to invoice the full amount. Any can-cellation received before that time limit will be invoiced at 20% of the VAT exclusive price of the course, with a minimum of 50 EUR and a maximum of 1,200 EUR.

It is possible to defer an enrolment, free of charge, to another scheduled session of a training course on the programme provided a written request reaches us at least five working days before the start of the original course.It is possible to replace one participant with another at any time before the start of the course at no additional cost. This must be notified to us in writing.

The IFBL reserves the right to defer or cancel a course for organisational reasons or in the event of force majeure.

Cancellation ofregistrationforanexaminationUnless a medical certificate is provided, exam fees are due in full. Deferrals advised in writing 5 working days before the examination date are free of charge. It is not possible to replace one candidate with another.

Course media and copyright The documentation used in our courses represents course media. It will be distributed to course members only and may not be sold, copied or divulged in any other way.

DataconfidentialityBy signing the registration form, the company guarantees that it has ob-tained the participant’s permission to communicate his personal data for data processing purposes. The company also guarantees that the partici-pant has been informed of who that information will be given to: the em-ployer, the tutor and, if appropriate, any training institutions collaborating with the IFBL.

Any subsequent amendments of these general terms and conditions willbe published on our website. The last published version is applicable.

conTacTIFBL - Customer ServiceB.P. 13, L-2010 Luxembourg T. 46 50 16-1 | F. 46 50 19 | [email protected] www.ifbl.lu

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investment funds · association (abbl) with the distinctive mission to «prepare, create, develop...

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