Finance

Anti Money Laundering

Network: 
CPA Ireland Skillnet
Duration 2 hours
Course Fee €75
Enrolment and Start Dates Comment Dates:
Limerick - 2 October 2013
Galway - 14 October 2013
Course Content CPA Ireland Skillnet: Anti Money Laundering
Further Enquiries Jenny Andersson: jandersson@cpaireland.ie
Location of Course Absolute Hotel, Limerick
The Clayton Hotel, Galway
Available to Job Seekers: 
No
Certified: 
No

Money Market Funds

Network: 
Summit Finuas Network
Subjects Taught Course Content
• Money market funds and other mutual funds
• Types & characteristics
• Instruments
- Overview
- Commercial paper
- Asset-backed commercial paper
- Certificates of deposit
- Repurchase agreements
- Floating rate notes
- Variable demand obligations
- Government securities
- Government agency securities
- Time and call deposits
• Constant NAV and Variable NAV funds
• Yield calculation
• Weighted average maturity (WAM)
• Weighted average life (WAL)
• Amortised Cost Net Asset Valuation (NAV) calculation
• Pricing and the marked-to-market NAV calculation
• Money market fund ratings
• Money market fund regulation
- European Securities and Markets Authority (ESMA) definitions
- UCITS rules
- Rule 2a-7
• Institutional Money Market Fund Association (IMMFA) Code of Practice.
Enrolment and Start Dates Comment Spring 2013- Please email louise.ryan@ibec.ie to register your interest.
Course Content Who Should Attend?
Staff with some funds experience but with little or no experience of money market funds.
Further Enquiries Louise Ryan
e: louise.ryan@ibec.ie
t: 01 605 1546
Learning Outcomes At the end of this course participants will be able to
• Describe the key features of money market funds and how they differ from other fund types
• Describe the main instruments used by money market funds
• Calculate fund yields, WAM & WAL
• Describe the amortised cost basis of valuation
• Explain how money market funds are priced
• Discuss the methodology behind money market fund ratings
• Describe the ESMA definitions of money market funds and short term money market funds
• Outline UCITS rules regarding money market funds
• Describe the essentials of Rule 2a-7
• Outline briefly some key recommendations from the IMMFA Code of Practice.
Trainer Quickstep Consulting
Location of Course IFSC, Dublin 1
Course Web Page: 
http://www.summitfinuasnetwork.com/Funds-Courses/money-markets-funds.aspx
Available to Job Seekers: 
Yes
Certified: 
No

Derivatives

Network: 
Summit Finuas Network
Subjects Taught Futures
• Background
• Contract types
• Trading
• Margin
• Gains & losses
• Uses, benefits & risks

Options
• Terminology
• Exchange-traded options
• Over-The-Counter (OTC) instruments
• Premium, gains & losses
• Strategies, benefits & risks

Contracts for difference (CFD’s)
• Types
• Trading
• Benefits & risks

Interest rate swaps
• Flows
• Uses
• Benefits & risks

Overview of total return swaps and currency swaps

Enrolment and Start Dates Comment Spring 2013
Please email louise.ryan@ibec.ie to register your interest.
Course Content Who Should Attend?
Staff with little or no experience of derivatives.
Further Enquiries Louise Ryan
e: louise.ryan@ibec.ie
t: 01 605 1546
Learning Outcomes At the end of this course, in relation to futures, options, CFDs and swaps, participants will be able to;
• Describe the different types of contract
• Explain how derivatives trading takes place
• Explain how fund managers use different types of derivatives
• Calculate income, gains & losses on derivatives trading
• Describe the potential benefits and risks associated with trading different types of derivatives,
Trainer Quickstep Consulting
Course Web Page: 
http://www.summitfinuasnetwork.com/Funds-Courses/derivatives.aspx
Available to Job Seekers: 
Yes
Certified: 
No

Accounting for Derivatives under IFRS & US GAAP

Network: 
Summit Finuas Network
Course Fee Non Members Fee: €600
Network Members Fee: €480
Subjects Taught • Derivatives trading
• Exchange-traded instruments
• Over-The-Counter instruments
• Collateral
• Trade processing
• Pricing policy
• Pricing sources
• Valuation
• Fair Value Measurement under US GAAP and IFRS
• Fair Value Hierarchy
• Disclosures
Enrolment and Start Dates Comment Dates: Spring 2013
Please email louise.ryan@ibec. ie to register your interest.
Course Content This course outlines how derivative trades are processed, positions are priced, valuations are produced and financial reports are completed. It covers futures, options and interest rate swaps and addresses fair value measurement and disclosure challenges under US GAAP and IFRS.

Who should attend?
Fund accounting, financial reporting and auditing teams who need a greater understanding of how derivatives are accounted for. Participants should be familiar with basic derivatives and fund accounting.

Further Enquiries Louise Ryan
e: louise.ryan@ibec.ie
t: 01 605 1546
Learning Outcomes At the end of this course participants will be able to:
• Describe how derivatives trades are processed
• Discuss the possible pricing sources for derivative instruments
• Highlight the challenges in valuing derivatives
• Outline best practice in relation to valuing OTC instruments
• Identify how derivative instruments are measured at a balance sheet date under US GAAP and under IFRS
• Allocate various instruments to levels within the fair value hierarchy
• Discuss the disclosure requirements under US GAAP and under IFRS in relation to derivatives
Trainer Quickstep Consulting
Course Web Page: 
http://www.summitfinuasnetwork.com/Funds-Courses/accounting-for-derivatives-under-ifrs-and-us-gaap.aspx
Available to Job Seekers: 
Yes
Certified: 
No

IFRS for Investment Funds

Network: 
Summit Finuas Network
Subjects Taught • Role and objective of the IASB
• Financial Instruments
o Classification as liability or equity
o Initial recognition
o Initial measurement
o Classification of financial assets
 Financial assets at fair value through profit & loss
 Available-for-sale
 Loans & receivables
 Held-to-maturity
o Classification of financial liabilities
o De-recognition
o Subsequent measurement-fair value
o Disclosure - Significance of financial instruments
o Disclosure - The fair value hierarchy
o Disclosure - Nature & risks arising from financial instruments
 Qualitative & quantitative
 Credit, liquidity & market risk
• Consolidated Financial Statements
o Background
o Master feeder structures
o Fund of funds
• Current Developments
o Current challenges in international financial reporting standards
o Expected developments
Enrolment and Start Dates Comment Spring 2013 - Please email louise.ryan@ibec. ie to register your interest.
Course Content Who should attend?
Staff responsible for the preparation or audit of fund financial statements in accordance with international financial reporting standards.
Further Enquiries Louise Ryan
e: louise.ryan@ibec.ie
t: 01 605 1546
Learning Outcomes At the end of this course participants will be able to;
• Identify the role and objective of the International Accounting Standards Board
• Outline the IFRS requirements for classifying a financial instrument as a liability or equity and assess the implications for an Investment Fund
• Identify the IFRS rules for the initial recognition and classification of financial instruments and apply them to instruments typically traded by an Investment Fund
• Outline the IFRS rules for the de-recognition of financial instruments and evaluate the application of these rules to an Investment Fund
• Describe the IFRS rules for subsequent measurements at fair value and apply them to each of the main types of financial instruments held by an Investment Fund
• List the main disclosure requirements for financial instruments contained in IFRS
• Identify the circumstances where consolidation may be required by an Investment Fund
• Outline the main steps that are taken to complete the consolidation of a parent and its subsidiaries for master-feeder structures and for fund of funds structures
• Discuss current development for IFRS on financial instruments.
Trainer Quickstep Consulting
Course Web Page: 
http://www.summitfinuasnetwork.com/Funds-Courses/ifrs-for-investment-funds.aspx
Available to Job Seekers: 
Yes
Certified: 
No

Role of the Trustee

Network: 
Summit Finuas Network
Duration 1/2 Day (9.30 - 12.30)
Subjects Taught Agenda
• The role of the Trustee in Ireland
• Eligibility Criteria as per UCITS and non-UCITS Notices
• How the trustee is appointed/replaced
• Authorisation process

Responsibilities
• Fiduciary duty of care to unit-holders/share-holders
• For Safe-keeping of the assets of the Fund/scheme
• Relationship with Custodian and sub-Custodian
• Application of income
• Issue and Cancellation of shares/units
• Independence and remuneration of trustee

Reporting
• Relationship with Transfer Agent – reports required
• Relationship with Fund accountant – reports required
• Breaches of limits as per Prospectus
• Re-pricing where appropriate
• Inspection of Complaints Log with investors
• Report to Unit-holders/Shareholders in Periodic Reports
• Minimum Capital Requirement

Meetings with the Regulator
• Frequency
• Responsibilities for reporting errors and breaches

Involvement in In-specie transfers

Role in Risk Management Process

Overview of controls – ensure adequacy
• Ensure measurement is in line with stated practice
• Ensure exposure limits are being monitored effectively and corrective action taken where required

Enrolment and Start Dates Comment Spring 2013
Please email louise.ryan@ibec. ie to register your interest.
Course Content Aim And Approach
This module aims to give delegates an insight into the workings and the responsibilities of a Fund Trustee for Irish regulated Fund.

Audience
The programme is intended for anyone who works in the Funds Industry, who wants to know more about the role of an Irish Fund Trustee, particularly those new to the Irish fund industry at any level.

Further Enquiries Louise Ryan
e: louise.ryan@ibec.ie
t: 01 605 1546
Learning Outcomes Following the programme participants will have:
• An appreciation for the range of functions that an Irish Fund Trustee has responsibility for

• An understanding of how this responsibility is discharged.

Trainer Abacus Consulting
Course Web Page: 
http://www.summitfinuasnetwork.com/courses/the-role-of-the-trustee/
Available to Job Seekers: 
Yes
Certified: 
No

SWAPS Workshop

Network: 
Summit Finuas Network
Duration 1 Day (9.30 - 16.30)
Subjects Taught Agenda
Introduction to Hedging
• Identification of risks in a portfolio
• Hedging v Speculation

Derivatives - Terminology & concepts
• Swap agreements
• OTC Contract features
• Cash-flows

Introduction to Credit Derivatives – Credit Default Swap
• How they’re used
• Parties to the swap
• how to construct the cashflows
• Calculation of P&Ls
• Advantages and disadvantages of CDS
• Accounting for under IAS39
• Calculation of exposures for UCITS GN3/03

Total Return Swaps
• Components of each leg
• Calculation of cashflows
• Types of TRS
• How they’re used to alter exposures

Equity Swaps
• components of each leg

Equity CFDs – how they work and how they differ from Swaps

Interest Rate Swaps
• Basis swap
• Amortising swap
• how to construct the valuation cash-flows
• Construction of yield curves
• Calculation of discount factors
• How the hedging works – changing the exposure
• Accounting for IRS under IAS 39

UCITS Notices & Guidance Note GN 3/03 Financial Derivative Instruments (Swaps)

ISDA Documentation
Accounting disclosures
Developments in the SWAPs markets

Enrolment and Start Dates Comment Spring 2013
Course Content Aim And Approach
This programme is designed to give participants an understanding of swap transactions, the applications of swaps and the accounting issues relating to them. The main characteristics of the principal types of swaps and how to process them will be covered, together with an overview of the Irish regulations for UCITS holding swap contracts (UCITS Notices 9 & 10 and Guidance Note 3/03).

Audience
The programme is intended for anyone who works with swaps in a Valuations, Pricing, Trustee or Accounting role. A basic understanding of fixed income and equity markets is preferable before attending this programme.

Further Enquiries Louise Ryan
e: louise.ryan@ibec.ie
t: 01 605 1546
Learning Outcomes Following the programme participants will be able to:
• Understand the features of swap contracts and the resulting counterparty exposure
• Know what contracts for difference are and how to account for them
• Understand the nature of Credit Default Swaps, Total Return Swaps, Interest Rate Swaps and Equity CFDs in the context of an investment portfolio
• Have an understanding of hedging techniques and how swaps are used for this and speculative purposes
• Understand how discounted cash-flow (DCF) calculations apply to the valuation of swaps •Be able to account for broker information received on swap contracts
• Understand the UCITS regulations applicable to swaps and the calculation of exposure under GN 3/03.
Trainer Abacus Consulting
Available to Job Seekers: 
Yes
Certified: 
No

Performance Fees Workshop

Network: 
Summit Finuas Network
Subjects Taught Agenda
• Introduction to Performance Fees/Incentive Fees
- Concepts – high water mark, hurdle rates, performance fee periods, loss carry-forward, collapse/roll-up of series of shares
• Explanation of different types of charging
- Fund Level
- Shareholder Level
- Advantages and disadvantages of each type

• Shareholder Level Fees
- Operation of equalisation/depreciation deposit
- Premium & Deficit subscriptions
- Series of shares
- Performance fee/compulsory redemptions

• Worked examples
- Using generic examples – four calculation methods demonstrated
- Review of sample wording from fund prospectuses to identify methodology and issues

• Performance fee issues
- Deferral of fees
- Interpretation of prospectus
- Crystallisation of performance fees

Enrolment and Start Dates Comment Spring 2013- Please email louise.ryan@ibec. ie to register your interest.
Course Content Aim And Approach
This programme is designed to give participants an understanding of how performance fees are calculated and the implications of their application. The course will cover the range of performance fees calculation methods, the terminology associated with the area and the interpretation of the wording in a fund’s prospectus. Through worked examples and sample calculations, the range of complexity associated with performance fees and in particular, equalisation, will be covered.

Audience
The programme is intended for anyone who works with Performance Fees, in particular staff fielding shareholder queries, those reviewing calculations and posting performance fee provisions and those who are responsible for drafting fund prospectuses and agreeing service levels in this area.

Further Enquiries Louise Ryan
e: louise.ryan@ibec.ie
t: 01 605 1546
Learning Outcomes Following the programme participants will be able to:
• Read the relevant parts of a fund prospectus to ascertain the performance fee methodology
• Understand the concepts of High Water Mark, Loss Carry-forward and Performance Fee Periods, Series of Shares roll-ups / collapses
• Understand the different performance fee methodologies, including Series of Shares, Equalisation, Fund-level Fees and Performance Fee Redemptions.
• Be able to calculate equalisation credits and deficits for subscriptions to a fund
• Understand hurdle rates and their application
• Be able to calculate share adjustments for a range of performance fee calculations
• Understand the implication of performance fees and equalisation on redemptions
• Be able to calculate changes in equalisation provisions during a performance fee period.
Trainer Abacus Consulting
Course Web Page: 
http://www.summitfinuasnetwork.com/Funds-Courses/performance-fee-workshop.aspx
Available to Job Seekers: 
Yes
Certified: 
No

Professional Diploma in Credit Risk Management

Network: 
Summit Finuas Network
Comment Award
Those who successfully complete the programme are awarded the Professional Diploma in Credit Risk Management by UCD. This is a level 9 qualification on the National Framework of Qualifications and carries 20 ECTS credits.
Course Fee €5,600 for Non Network Members
€3,920 for Network Members
Course Content The Professional Diploma in Credit Risk Management is designed to meet the needs of individuals who are involved in or have a direct interest in the management of credit risk in a financial institution. The effective management of credit risk is a critical component of a comprehensive approach to risk management and essential to the long-term success of any banking organisation.

The past three years have seen banks focus on repairing balance sheets and re-building their capital base. Now is an appropriate time to learn the lessons of the crisis and re-commence lending based on prudent lending principles. For most banks, loans are the largest and most obvious source of credit risk; however, other sources of credit risk exist throughout the activities of a bank, including in the banking book and in the trading book, and both on and off the balance sheet. The Professional Diploma in Credit Risk Management is specifically designed to address these issues.

The programme is designed to enhance the skills and experience of participants and to create a learning forum within which challenges can be explored, and wisdom and insights dissected and shared. It also provides a foundation for lifelong learning, to equip them with the knowledge of concepts and terminology needed to stay abreast of the practitioner and academic literature in this risk discipline.

Who should undertake this programme?
The Professional Diploma in Credit Risk Management should appeal to those involved in writing or reviewing credit, as well as senior management responsible for teams in these areas.

Programme Structure
The programme consists of a suite of four modules. Prior to the Semester commencing a short intensive module, Quantitative Methods for Risk Management (2.5 ECTS) intends to prepare participants for the quantitative rigor of the proceeding modules. Fixed Income & Default Models (7.5 ECTS) is delivered by 10 three hour lectures. Each 5 ECTS module is delivered over three consecutive days. Two modules will be delivered in Semester 1 and the remaining one module delivered in Semester 2. Lectures take place in the Institute of Bankers School of Professional Finance’s Conference and Learning Centre, in the IFSC, Dublin 1

Entry Requirements As this is a postgraduate programme the normal entry requirement is an honours degree in business or a related discipline.

In addition, those who do not hold a primary degree but have exceptional experience at mid to senior management level, are also eligible to apply.

Further Enquiries Louise Ryan
e: louise.ryan@ibec.ie
t: 01 605 1546
Learning Outcomes On successful completion of this programme candidates will be expected to be able to:
• Measure default risk and expected loss;
• Price loans and evaluate performance based on RAROC and EVA;
• Structure credit agreements, including the use of collateral and covenants;
• Transfer credit risk using credit derivatives;
• Model credit portfolios and measure economic capital; and
• Address the organisational aspects of credit risk management.
Methods of Assessment Assessment
Candidates are assessed by a combination of closed-book examinations and continuous assessment, based on assignments and case studies.
Trainer Institute of Bankers School of Professional Finance
Course Web Page: 
http://www.summitfinuasnetwork.com/courses/professional-diploma-in-credit-risk-management/
Available to Job Seekers: 
No
Certified: 
Yes

Performance Measurement & Attribution

Network: 
Summit Finuas Network
Course Fee €446 - Non Members Fee
€313 - Network Members Fee
Enrolment and Start Dates Comment Spring 2013 - for further details, please contact Louise Ryan at louise.ryan@ibec.ie
Course Content Course Overview

This interactive one day programme is designed to offer an insight into the decision making processes undertaken daily by today’s Asset Managers. Theory will be at a minimum; the emphasis will be on the practical. It will incorporate an overview of the traditional and Alternative Investable Asset Classes, how to combine them into an appropriate Portfolio & also how to measure its Performance & inherent Risk.

Target Audience

•Regulators with responsibility for Asset Managers
•Junior Fund Managers/new joiners
•Asset Management Back and Middle office professionals (Compliance, Legal, Marketing)
•Wealth Managers and Private Bankers
•Independent Financial Advisors
Learning Objectives

•Understand the objectives and constraints of individual investors and how they influence the Investment Policy Statement, investment decisions, security selection and portfolio construction
•How derivatives can be used for hedging
•Understand the factors affecting equity and bond pricing
•Understand key measures of portfolio Beta, CAPM, Treynor measure, the Sharpe measure, and Jensen’s alpha
•Understand how and why to rebalancing portfolios
•Prerequisite Knowledge or Courses
•The programme assumes knowledge of cash market products such as equities, bonds and money markets.
Course Content

•Online Pre-work
•Portfolio Theory – Single and Multi-Index Models
•Portfolio Theory- CAPM
•Portfolio Management – Passive & Active Strategies
•Classroom
•The objectives and constraints of individual investors
•The Investment Policy Statement, investment decisions, security selection and portfolio construction
•Passive and active portfolio management
•Equity and stock index options in portfolio management
•Concepts and techniques of portfolio insurance
•Calculation and interpretation of several measures of portfolio performance
•Managing risk and return using options in equity portfolios, including strategies for income generation, put-call parity, and delta hedging
•Using futures for hedging
•Using swaps in equity portfolio management
•Tax considerations of options and futures
•Factors affecting bond yields
•Duration and convexity, and managing fixed-income portfolios
•Using interest rate futures in bond portfolio management
•Investment Timing
•Beta, security market line, the capital asset pricing model
•Treynor measure, the Sharpe measure, and Jensen’s alpha
•Arbitrage and empirical multifactor models
•Returns-based style analysis models and portfolio-based style analysis
•Portfolio monitoring, rebalancing, and Realignment
•Rebalancing portfolios & Tracking error
•Factors which cause portfolios to require rebalancing
•The process of rebalancing portfolios
•Circumstances which signal the need to rebalance

Further Enquiries Louise Ryan
e: louise.ryan@ibec.ie
t: 01 605 1546
Trainer Intuition Publishing
Course Web Page: 
http://www.summitfinuasnetwork.com/courses/performance-measurement-attribution/
Available to Job Seekers: 
Yes
Certified: 
No
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