Certificate In Fund Administration

Syllabus

Introduction

Certificate in Fund Administration

This document contains the detailed syllabus for the Certificate in Fund Administration

This syllabus should be read in conjunction with the course brochure, which explains the method of delivery and assessment, entry requirements and personal and business benefits of completing the programme.

The course brochure and enrolment application form can also be found on the programme website www.cltint.com

Module 1 - The Fund IndustryModule ObjectivesThe purpose of this module is to

• explore the background to the fund industry

• consider the factors that affect where a fund is domiciled for tax purposes

• identify the difference between assets under administration (AUA) and assets under management (AUM)

• introduce mutual funds • explain the different stock exchanges

and why entities may be listed • explore the difference between closed-

and open-ended funds• identify the different stakeholders in a

fund• provide an overview of the roles and

responsibilities of the transfer agent, compliance team, company secretary and the middle office team, and how they support the operations of a fund

• provide an introduction to fund and client accounting

Learning Outcomes By the end of this module you should

• have an understanding of the funds industry

• be able to explain what affects where a fund is domiciled for tax purposes

• be able to extract the assets under administration (AUA) and assets under management (AUM) from a valuation or set of basic financial statements

• understand the meaning of the term mutual fund

• be able to identify some of the stock exchanges an entity may be listed on

• be able to explain the difference between closed- and open-ended funds

• be aware of the different stakeholders in a fund

• understand some of the key roles that support fund operations

• understand the roles of the fund and client accounting teams

Module 2 – Fund StructuresModule ObjectivesThe purpose of this module is to

• consider different fund structures, including• Investment companies • Partnerships• Unit trusts • Multi-class funds• Master feeder funds• Protected cell companies (PCCs)• Incorporated cell companies (ICCs)

• explore the principle documents required for the management, administration and safekeeping of each structure

Learning Outcomes By the end of this module you should

• understand and be able to identify different fund structures, including • Investment companies • Partnerships • Unit trusts • Multi-class funds• Master feeder funds • Protected cell companies (PCCs)• Incorporated cell companies (ICCs)

• be able to name the principle documents used in the management, administration and safekeeping of each structure

Module 3 – Fund StrategiesModule ObjectivesThe purpose of this module is to

• consider different fund strategies, including • Retail funds• Alternative investment funds• Fund of funds• Private equity funds• Real estate funds• Debt funds• Structured products

Learning Outcomes By the end of this module you should

• be able to explain the differences between the following fund strategies • Retail funds• Alternative investment funds• Fund of funds• Private equity funds• Real estate funds• Debt funds• Structured products

Module 4 – Fund Accounting and Fund ValuationsModule ObjectivesThe purpose of this module is to

• introduce key terminology in relation to accounting and valuations

• explain the process involved in calculating PNAV, FNAV, NAV and NAV per share

• explain investments and common investment transactions

• provide an overview of the valuation process

• explain key income and expense streams of a fund and look at how these are calculated

• consider share issues and redemptions, and the factors affecting them

• provide an overview of the key reconciliations carried out in a fund

• introduce the concept of accruals and prepayments

• introduce the basics of financial statements

Learning Outcomes By the end of this module you should

• understand key terminology in relation to accounting and valuations

• be able to explain PNAV and FNAV, and calculate a simple NAV and NAV per share

• be aware of common investment transactions and balances

• be able to explain, at a high level, the valuation process

• understand and be able to calculate key income and expense streams of funds

• understand share issues and redemptions, and the factors affecting them

• be able to understand and explain simple reconciliations carried out in a fund

• be aware of the concept of accruals and prepayments

• have a high-level awareness of the basics of financial statements

Module 5 – Taxation Module ObjectivesThe purpose of this module is to

• consider the basic principles of taxation in fund structures

• consider the ‘mind and management’ test for fund residence

• introduce the tax treatment of different fund structures

• explore the basic concept and calculation of withholding tax

• provide an overview of transfer pricing • explore Value Added Tax (VAT) in the

context of fund structures• introduce real estate taxation

Learning Outcomes By the end of this module you should

• understand the basic principles of taxation in fund structures and be able to carry out a simple tax calculation

• understand the components of the ‘mind and management’ test for fund residence

• appreciate the tax treatment of different fund structures

• understand the concept and calculation of withholding tax

• appreciate what is meant by transfer pricing

• appreciate how Value Added Tax (VAT) affects funds and be able to carry out a simple VAT calculation

• understand the basics of real estate taxation

Module 6 - RegulationModule ObjectivesThe purpose of this module is to

• consider the regulations affecting funds • provide an overview of the following:

• FATCA and CRS• AIFMD• MIFID II• UCITS

• set out the types of documentation and reports that must be filed with the regulator

• consider the usual obligations on the fund, fund manager and the administrator under company law

• explore the obligations on the fund, the fund manager and the administrator in relation to anti-money laundering (AML)

Learning Outcomes By the end of this module you should

• appreciate the regulations affecting funds

• understand what is meant by• FATCA and CRS• AIFMD• MIFID II• UCITS

• know the key types of documentation and reports that are usually filed with the regulators

• appreciate the obligations on the fund, fund manager and and the administrator under company law

• be aware of the requirements on the fund, fund manager and the administrator in relation to anti-money laundering (AML)

www.cltint.com/funds

0121 362 7733

cltinternational@centlaw.com

CLT International (part of Wilmington plc), Wrens Court, 52-54 Victoria Road, Sutton Coldfield, Birmingham, B72 1SX

CLIB10830