Slides Thouraya Jarray


Mme JARRAY Thouraya

Deputy CEO & Head of Product Structuring, Legal & Operations
La Française Investment Solutions


Thouraya a rejoint la Francaise Investment Solutions début 2013 et occupe aujourd’hui le poste de Directeur Général Délégué et de directeur de la Structuration des Produits, du Juridique et des Opérations.

Thouraya a débuté sa carrière chez BNP Paribas Arbitrage en tant qu’ingénieur informatique des outils de trading de 1993 à 1997, Global front office COO de 1998 à 2002 et responsable senior structuration de fonds de 2002 à 2005. De 2005 à fin 2012, elle était responsable de l’ingénierie et membre du comité de direction de Lyxor Asset Management.

Thouraya est diplômée de l’Ecole Nationale Supérieure des Telecom de Paris et de l’Ecole Nationale Supérieure des Arts et Métiers.

Mise à jour le 21/03/2019


Cross-border distribution of investment funds in Europe: what is ahead in the context of Brexit and of the upcoming new European regulation?


In just over one month, Brexit should become a reality. Uncertainty still prevails largely as regards practical consequences for the asset management industry for product distribution in the UK and the continent. At least, the UK temporary permission regime will provide a backstop to ensure inbound funds can continue their UK business with minimal disruption: it will allow inbound firms to continue operating in the UK within the scope of their current permissions for a limited period after exit day, while seeking full UK authorisation, and permit funds with a passport to continue temporarily marketing in the UK.

Jennifer Wood, Managing Director at AIMA (Alternative Investment Management Association), in charge of asset management regulation, will be giving an update on this mechanism and what to expect from the FCA post-Brexit.

More globally, the framework for cross-border distribution of funds in Europe is about to be stabilised, introducing new possibilities for entering or leaving a European national market. The Regulation on facilitating cross-border distribution of collective investment funds and the Directive amending the UCITS and AIFM directives have been adopted by the Council and the Parliament and are being finalised. An important step, as was acknowledged by EFAMA who welcomes this preliminary agreement in trilogue.

It is time to report on the changes introduced by these proposals aiming at setting out a harmonised framework to make the cross-border distribution of funds simpler and cheaper, and to discuss with asset managers about their expectations as regards these rapidly adopted proposals.

AMF will present the regulator’s view on the future framework for funds distribution across Europe. BNP Paribas AM and La Française Investment Solutions will share their experience and perspectives for cross-border distribution.


- Asset managers:

  • Commercial/Distribution Department
  • RCCI/Compliance, Legal, Risks Departments

- Banks, Securities services

- Financial services providers, Lawyers

Objectifs pédagogiques

  • Learn about the temporary permission regime for the distribution of funds in the UK  
  • Get an update on the progress of European regulation on cross-border distribution and share views on the expectation of the asset management industry


Distribution in the UK:
  • an update on the temporary permissions for fund marketing
  • what to expect from the FCA post-Brexit
The future of cross-border distribution in Europe
  • The cross-border distribution package: what changes are to be expected as regards EU fund distribution: AIMA’s view
  • The regulator’s view
  • Views and expectations of asset managers
  • Views of the securities services industry
Questions / Réponses / Conclusion
Retour à la liste