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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
  • 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  • The Investment Services Directive (ISD) that has been replaced by MiFID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
 
 
 
Our Policy
 
Fixed fees, fixed terms. You know the exact final cost. Everything is included in this price (expenses, flights, tax etc.). There is no exception – you know exactly the cost. Consulting or training, it will never cost more.

Example: For George Lekatis, General Manager and Chief Compliance Consultant of Compliance LLC.
Fee for Training: US$ 13,800 for 3 days (and $ 2,000 for each additional day) - final cost (any place in Europe, Asia or America, for teams from 2 to 50). This fee includes tax, expenses, hotels, flights, everything.
For other trainers the fee may be different.
 
 
 
 
Excellent Courses, Exceptional Venues
The role that the environment plays in learning, solving problems and thinking out of the box is often ignored.
 
In terms of aesthetics and comfort, our venues are second to none.
 
Click here to see why
 
 
 
 
 
 
 
 
 
 
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Note
This web site has been prepared as a general guide and does not constitute or offer legal, financial or other advice upon which you may act or rely. Specific professional advice should be taken in respect of any individual matter.

George Lekatis
General Manager and Chief Compliance Consultant
Compliance LLC
 
 

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