Regulatory Expertise

Regulatory Expterise

Our consultants provide a combination of industry experience, consulting skills and regulatory expertise to deliver high added value advice, on the ground assistance or bespoke solutions.

Fund set-up assistance

  • CSSF licence application support
    • Realisation of application form for authorisation of Super ManCo (AIFM and UCITS)
    • Licence extension 
    • Notification of branches
    • Passporting within the EU

Management Company Operating Model 

  • End-to-end design and or review of Target Operation Model (TOM), aiming at:
    • Operational efficiency 
    • Regulatory compliance 
  • TOM implementation support 
  • Process and efficiency improvement 
  • Governance and documentation set-up 
  • IT framework assessment and migration support   

Service provider selection support

  • Set-up or review of your service provider framework 
  • Service provider selection support
    • Market benchmarking
    • RFP process & assessment 
  • Negotiation and SLA review support
  • Onboarding support 
  • Set-up or review of delegation oversight framework 

Regulatory Support for control Function

For all the control functions, we can provide you with following services to AIFM, ManCO and PSF: 

  • Assessment of compliance with latest regulation and market praxis, e.g. Circular 18/698, Circular 22/806, ESMA undue costs,… 
    • Creation of GAP assessments and issuance of recommendations 
    • Mock-up CSSF visit/regulatory health checks
    • Regulatory Implementation 
  • Draft and review of policies, report templates 
  • Project Management
  • Migration Assistance
  • Remediation Project
  • Secondment (delegates' oversight, distribution, compliance, risk management, portfolio management, cooperation with IT service line)
  • Provision of trainings
  • Support in financial group integration – cooperation with tax service line
  • Set-up or review of target operating model
  • Review the governance model including the link between the Board, the Conducting Officers and the different committees
  • Review of Substance in line with activities performed in house, delegated and using group support
  • Review allocation of responsibilities within Senior Management and Board composition
  • Definition or review of Anti Money Laundering /Counter Terrorism Financing policies and procedures 
  • Set-up or review of the Compliance Monitoring Plan
  • Support in on-going compliance assessment
  • Review the Compliance charter, Investor complaint handling and Conflict of Interest policies
  • Definition or review of Investment policy
  • Set-up of KPIs and reports to be received from investment managers
  • Review of periodic due diligences on Portfolio managers
  • Review of Proxy voting and Best Execution policy
  • Value for Money assessment
  • Support to appoint delegated from the performance of the request for proposal until the negotiation.
  • Set-up or review of delegation and outsourcing framework
  • Service level Agreement review and set-up of KPIs
  • Leading/participating/outsourcing regulatory due diligence (initial/periodic) on delegates
  • Support in defining the 3 years business plan and projections 
  • Review the monitoring of Capital requirements as well as the own fund investment strategy 
  • Support in determining legal and operational fee flows 
  • Review the valuation framework and policies
  • Set-up or review of internal audit procedure and policy
  • Set-up 3 years internal audit plan
  • Conduction of annual internal audit (in delegation or in co-sourcing)
  • Support with implementation of recommendation
  • Support with SAQs compliance
  • Set-up or review of distribution model and duties
  • Review the contractual arrangements with distributors and business introducers
  • Review of fee flow
  • Review how Target market and Target investors are assessed on an initial and ongoing basis and marketing material disseminated
  • Review the KYD framework
  • Set-up or review of IT governance and policies
  • Review or design of SLAs with third parties
  • Support with the creation of the Register log as well as notification of material applications
  • Review of BCP DRP plan
  • Definition or review of risk management process  RMP
  • Ensure risk profile are consistent with risk limits
  • Review of fund risk profiles
  • Support with liquidity stress test
  • Support in on-going risk monitoring and risk reports

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Key Contact

Rafael Aguilera - Partner BDO Luxembourg

Rafael Aguilera

Partner - Fund Distribution & Regulatory Consulting
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