MiFID II: Final Review

16th November 2016, London, UK

The Training Course

This comprehensive one day intermediate to advanced level course will train attendees on the very latest updated Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) regulatory, risk, compliance, reporting and implementation requirements. Attendees will be guided through the latest MiFID II operational framework, and will also be provided with a critical and explanatory review of the latest draft Level 2 Regulatory Technical Standards (RTS) and Implementation Technical Standards (ITS) published by the European Securities and Markets Authority (ESMA).

Training Course Programme

SESSION 1: Market Structure, Trade Reporting and Transaction Reporting

• Aligning EU regulation; Level Playing Field; Organised Trading Facilities (OTFs); Multilateral Trading Facilities (MTFs); Systemic Internalisers (SIs); SME markets.

• Best-execution and execution only reporting; extended scope of reported transactions; flags; Approved Reporting Mechanisms (ARMs); third party inducements; data publication; consolidated tape and consolidated tape providers.

SESSION 2: Organisational Requirements, Conduct of Business Rules and Investor Protection

• Client classification and eligible counterparties; investment suitability and appropriateness.

• Product governance; product approval processes; managing bodies; membership selection and suitability requirements; registration and authorisation; market operators; sales targets and remuneration policies.

• Independent advice; conflicts of interest; third party inducements; commissions; third party research.

• Exemptions; compliance function; record keeping; best execution; and execution only.

SESSION 3: Transparency, Position Limits and Position Reporting, and the Third Country Firm Framework

• Increased competition; enhanced supervisor powers; liquid market for equity and equity-like instruments; equity waiver caps; non-equity pre-trade and post-trade transparency.

• Position limits, position reporting and ESMA's new position management powers.

• Third country financial institutions; EU Commission equivalent assessment; third country trading venues; third country entity trading obligations; Passporting and comparable levels of investor protection.

•  Third Country provisions and the ESMA Deemed Equivalence application process.

SESSION 4: MiFIR Reporting Framework

• MiFIR reporting obligations, classification of investment firms, new reportable instruments, extended transaction report fields, Legal Entity Identifiers (LEIs).

• Client identification standards, Algo Flagging, and global data protection issues.

•  Comparing key elements of the EU transaction reporting regimes (European Market Infrastructure regulation (EMIR), REMIT, Securities Financing Transactions Regulation (SFTR)).