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Markets in Financial Instruments Directive (MiFID) Training and Presentations   Fully tailored training, presented exclusively for your own people.   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).   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   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to the creation of a single European Market in Financial Services The Investment Services Directive (ISD) that has been replaced by MiFID From the ISD to MiFID: What is different now From “core” and “non-core” investment services to “investment services and activities” and “ancillary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 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   Become a Certified Hedge Fund Compliance Expert (CHFCE)  Distance Learning and Online Certification Program   To learn more www.hedge-funds-association.com/Distance_Learning_and_Certification.htm