MAKING THE MOST OF UCITS IV

requirements, by opposition to a single traditional UCITS marketed on a cross-border basis. UCITS IV reinforces rules on monitoring, controlling, analysing and reporting risk, bringing them more into line with those that go- vern the investment banking industry. Thus, new structures will often necessitate new delegation arrangements and trigger new monitoring tasks and reporting flows. You will have to decide whether you intend to handle risk management and the compliance controls by yourselves or if you prefer to delegate these activities to an expert service provider, owing to the complexity that they represent. … Ideally this partner should also be able to accompany you until the implementation step to make sure your project is a success. Master-feeder funds for example are already well-known structures in France and you could benefit from the precious experience of a leading service provider such as CACEIS.

You will have to create an optimal product and servicing structure. In this context, engaging an expert partner able to advise you will be a key benefit...

Challenges related to the implementation of your tar- get product and servicing structures

The main challenges you will face when implementing your target product and servicing structures can be split into three categories: • Project management • Risk management • Reporting In the case of cross-border master-feeder structures, you will have to implement a concept which has not been tested yet, in particular in terms of accounting and reporting. The double layer structure will ine- vitably create an overhead of exchange of information and oversight

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