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Markets in Financial Instruments Directive -
MiFID Training
MiFID is a very important part of the European Union's Financial
Services Action Plan.
It is time
to kiss the Investment Services Directive good-bye. It has set the
legislative framework for investment firms and securities markets
in the European Union since 1993, and it has provided for a single
passport for investment services. The Investment Services Directive has been replaced by MiFID that reflects developments in financial services and markets and extends the scope of the passport to cover commodity derivatives, credit derivatives and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. There are also opportunities with MiFID. Firms will be authorised and regulated (in their home state) and after that these firms will be able to use the MiFID passport to provide services to customers in other EU member states. It becomes easier (and cheaper) to carry out cross border business. This is a new world for many players in the financial market. Geographic and business boundaries are changed and in many cases are eliminated. European retail customers will have access to a wider range of services. No-EU firms will definitely take advantage of the new opportunities. To learn more: www.markets-in-financial-instruments-directive.com ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- MiFID Training from Compliance LLC Course Title Markets in Financial Instruments Directive (MiFID): Implementation and Compliance Training 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 To learn more: www.mifid-training.net ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
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Keywords MIFID, MIFID Training, Markets in Financial Instruments Directive, Markets in Financial Instruments Training
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