MiFID - Implementation and Compliance

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The Markets in Financial Instruments Directive (MiFID)

DIRECTIVE 2004/39/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 21 April 2004 on markets in financial instruments

The Investment Services Directive has been replaced by MiFID that
reflects developments in financial services and markets and extends the
scope of the passport to cover commodity derivatives, credit derivatives
and financial contracts for differences for the first time.

MiFID Training

MiFID Training and Presentations. From the four-level approach (the
Lamfalussy process) to the MiFID implementation, the differences and
the opportunities for competitive advantage in EU and offshore.

Course Title

Markets in Financial Instruments Directive (MiFID): Due
Diligence for Directors and Executive Management
Half Day

Objectives:

This course has been designed to provide board members and executive
management with the knowledge and skills needed not only to
understand MiFID, but also to use MiFID as a competitive advantage

Target Audience:

This course is intended for potential, new and sitting directors and
executive management. It is highly recommended for management
consultants.

Duration:

4 Hours. It can be tailored to your needs.

Course Description

A. Overview

From the Investment Services Directive (ISD) to the Markets in
Financial Instruments Directive (MiFID)
From Know Your Customer (KYC) to Client Classification (CC)
Best Execution
Suitability and Appropriateness
Transaction Reporting

B. Challenges

Conflicts of interest
Conduct of Business (COB) obligations
Obligation to execute orders on terms “most favourable” to the
client
The impact of MiFID on corporate governance
The role of the board of directors and executive management

C. Opportunities

Freedom to provide investment services and activities in all the
countries of the EEA using a single "passport"
The new role of a branch and the new access rules to regulated
markets
Systematic Internalisers: Should we become a stock exchange?

D. MiFID and the World

MiFID and the European Economic Area (EEA)
MiFID and countries outside the European Economic Area
MiFID and the Offshore Financial Centers (OFCs)
MiFID and the USA
MiFID and the Reg NMS: Similarities and differences between the
Regulation for National Market System (Reg NMS) in the United
States and the MiFID in EU

E. MiFID and Alternative Investments

MiFID and Hedge Funds
Sophisticated onshore and offshore legal structures

Minimizing regulatory, operational and compliance risks
We will discuss how countries and firms use compliance as a
competitive advantage. This is a very important part of this presentation.

Course Title

Markets in Financial Instruments Directive (MiFID): Implementation and Compliance Training

3 days

Objectives:
The seminar has been designed to provide with the knowledge and skills
needed to understand and support MiFID compliance

Target Audience:

This course is intended for managers and professionals from:
Compliance
Operations
Risk
IT
Legal
Internal Audit
Internal Controls
Trading
Portfolio Management
Hedge Funds and Alternative Investments
IT, Security and Management Consultants
This course is recommended for the directors, managers and
professionals who require a clear understanding of MiFID and the
changes in financial markets after MiFID

Duration:

3 Days, 09:00 to 17:00

Course Synopsis:

Introduction

European Union’s legislation: Directives and Regulations
The European Unions Financial Services Action Plan (FSAP)
Markets in Financial Instruments Directive (MiFID): A major step
leading to the creation of a single European Market in Financial
Services
The Investment Services Directive (ISD) that has been replaced by
MiFID
From the ISD to MiFID: What is different now
From “core” and “non-core” investment services to “investment
services and activities” and “ancillary services”

MiFID and the Lamfalussy process

Level 1: Framework Principles
Level 2: Implementation of Principles. Detailed Technical
Measures
Level 3: Strengthening Cooperation Among Regulators
Level 4: Enforcement

MiFID: An Overview

From Know Your Customer (KYC) to Client Classification (CC)
Best Execution and Information to Clients
Order Handling
Suitability
Extended Passport: Services across Europe
Conduct of Business
Stock Exchanges compete with Trading Platforms and Investment
Firms
Systematic Internalisers
Transaction Reporting across the EEA

Definitions and Scope

How MiFID extends the coverage of the Investment Services
Directive
Exemptions and Optional exemptions
Definitions

MiFID and options, futures, swaps, forward rate agreements, and
any other derivative contracts and “other derivative contracts
relating to assets, rights, obligations, indices and measures”

Authorisation

Requirements and Scope
Relations with third countries

Operating Conditions for Investment Firms

On-going supervision
Conflicts of interest
Conduct of Business (COB) obligations
Obligation to execute orders on terms “most favourable” to the
client
Client order handling rules
Tied agents
Transactions executed with eligible counterparties
Obligation to uphold integrity of markets, report transactions and
maintain records
Monitoring of compliance
Obligation to make public firm quotes
Pre-trade transparency requirements
Post-trade disclosure and transparency requirements

Rights of Investment Firms

Freedom to provide investment services and activities
Establishment of a branch
Access to regulated markets

Regulated Markets

Organisational requirements
Admission of financial instruments to trading
Suspension and removal of instruments from trading
Monitoring of compliance
Pre-trade and Post-trade transparency requirements

Competent Authorities

Designation of competent authorities
Administrative sanctions
Extra-judicial mechanism for investors' complaints
Professional secrecy

Relations with auditors

Cooperation between Competent Authorities

Obligation to cooperate
Exchange of information
Powers for Host Member States
Exchange of information with third countries
MiFID and Corporate Governance
The impact of MiFID on corporate governance
The role of the board of directors and executive management

MiFID: The Interpretations

From the Directive to the Interpretations and the Technical
Measures
CESR: The Committee of European Securities Regulators
CESR - MiFID Level 2 Expert Group
CESR - MiFID Level 3 Expert Group
Level 4 challenges

MiFID and the World

MiFID and the European Economic Area (EEA)
MiFID and countries outside the European Economic Area
MiFID and the Offshore Financial Centers (OFCs)
MiFID and the USA
MiFID and the Reg NMS: Similarities and differences between the
Regulation for National Market System (Reg NMS) in the United
States and the MiFID in EU

MiFID and other Directives

Interaction between MiFID and other regulatory initiatives
MiFID, Basel ii and the Capital Requirements Directive
MiFID and the 8th Company Law Directive
MiFID and the Financial Conglomerates Directive
MiFID and UCITS iii
MiFID and the 3rd Anti Money Laundering Directive of the EU
Using MiFID data for compliance with other directives

MiFID and Alternative Investments

MiFID and Hedge Funds
New challenge for Hedge Fund managers
Sophisticated onshore and offshore legal structures
A new pressure for Transparency
Minimizing regulatory, operational and compliance risks
MiFID and Mutual Funds
MiFID and mutual recognition of alternative investment products
authorised under different regimes
Management and Administration of Alternative Investments inside
and outside the European Union

MIFID: Tomorrow

Increased competition
Pre- and post-trade transparency
New risks and opportunities
Hedge Funds and Alternative Investments after MiFID
The “Fund of Funds” opportunity for regulators

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