Spectramind provides traing for MiFID - Implementation and Compliance
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The Investment Services Directive has been replaced by MiFID that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
