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MIFID II TRAINING - WE
ARE DEVELOPING THE NEW COURSE
Markets in Financial Instruments
Directive (MiFID)
International
Association of Hedge Funds Professionals (IAHFP)
MiFID is a directive, indented to harmonise the European market.
But, it is now wise to spend so much money only for that.
Every new directive is (or should be) a new
opportunity, a competitive advantage for financial institutions.
MiFID is not a “one size fits all”
approach, applied uniformly in all jurisdictions.
It
is different for the UK with the unique banking sector and the common
law tradition, and different for Germany and France, which are so
different even within their civil law traditions.
It is
definitely unique for the Offshore
Financial Centers, like the Cayman Islands and Jersey, and challenging
for the European Economic Area. Each country, each bank, can use MiFID
as a competitive advantage.
MiFID also means different
things to different parts of the financial organization and to
different employees. Effective training must always be customized to
the needs of each individual group of employees.
We can
discuss your goals and objectives, and after that we can choose some
of the modules below, or develop for your organization new modules (at
no extra cost).
The MiFID Directive is part of the
Certified Hedge Fund Compliance Expert (CHFCE)Program
To learn more
www.hedge-funds-association.com/Distance_Learning_and_Certification.htm
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
his 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
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)
The Investment Services
Directive (ISD) that has been replaced by MiFID
From the ISD to
MiFID: What is different now
From 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 requirement
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
Join the International Association of Hedge Funds
Professionals. Membership is Free
www.hedge-funds-association.com/HowToBecomeMember.html
Member
Benefits
www.hedge-funds-association.com/MemberBenefits.html
Reading Room
www.hedge-funds-association.com/Reading_Room.htm
Privacy and Compliance with the Federal Trade Commission Fair, the
California Online Privacy Protection Act, the Children Online Privacy
Protection Act, the Privacy Alliance, the Controlling the Assault of
Non-Solicited Pornography and Marketing Act
www.hedge-funds-association.com/Privacy.htm
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