US & EU Views on FSB Liquidity Recommendations

In July 2023, the Financial Stability Board published recommendations to address vulnerabilities from liquidity mismatch in open-ended funds, including the introduction of the liquidity bucketing requirement with direct consequences for the design of fund liquidity terms.

The internationally applicable requirement has elicited different responses in the US and EU and has highlighted the differences of liquidity management frameworks for funds across the globe.

Learning objectives:

· Examine key differences in liquidity risk management practices in the US and EU

· Understand how these differences influence US and EU responses to FSB recommendations

· Discuss operational challenges for global asset managers of addressing different frameworks within their organizations

This program is sponsored by:

CPE INFORMATION:

Nicsa is pleased to offer this webinar learning activity to attendees who are seeking CPE credits. 1 CPE unit may be available for attendees of this webinar. The webinar requires no advanced preparation, no pre-requisite study and is appropriate for all who have a basic understanding of the investment management industry.

Nicsa is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

CPEs Earned: 1

CPE Field of Study: Finance

Program Level: Basic

Delivery Method: Group-Internet Based

Advanced Preparation: None

CANCELLATIONS AND REFUNDS: Due to this program being offered free of charge, there will be no refunds issued. Questions or Cancellations: Please contact Lilly Bahmani at info@nicsa.org

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Gildas Blanchard, PhD

Head of Industry Affairs

ALFI

Gildas Blanchard is Head of Industry Affairs of ALFI, the Association of the Luxembourg Fund Industry, specialized in risk management and digitalisation. He joined the association in December 2021. Before joining ALFI, Gildas was Senior Manager at Deloitte Luxembourg within the Capital Market department of the advisory practice, responsible for risk management advisory and quantitative solutions for the investment fund industry. Prior and aside to these mandates, Gildas is from an academic background in empirical quantitative research. Gildas teaches at several higher education institutions financial economics related modules and holds a Master degree in finance from the University of Durham (UK) and obtained a Ph.D degree from the University of Maastricht (NL) for his applied research on risk management and option markets which has been published in international academic journals.

Michael Derwael

Global Independent Risk Officer

MFS Investment Management

Michael Derwael is Senior Director and Independent Risk Officer for MFS Investment Management with multi-jurisdictional coverage and Conducting Person in charge of Risk Management and Valuation for the Luxembourg-based management company. He has been with MFS since 2019. He has 20+ years’ experience in the financial industry and, prior to joining MFS, helped build up risk practices at Lombard Odier Investment Managers, Luxcellence, Amundi and Quintet. Michael is an ALRiM board member and co-chair of the ALFI Liquidity Risks working group. He is an adjunct professor at the University of Luxembourg, trainer at House of Training and holds the FRM and CEFA certifications.