Duration: 1 day
- MiFID - Background and Overview
- Challenges in a post-MiFID World
- Organizational Requirements
- Conduct of Business after MiFID
- Impact on Markets and Transparency
- Cross-Border Business Branching and Passporting
- Business Opportunities and Implementation Issues
The objective of this seminar is to give you an overview of the “Markets in Financial Instruments
Directive (MiFID) and to discuss the challenges and opportunities that arise from
its implementation.
We start with a review of the historical background, taking you from the original “Investment
Services Directive” via the “Financial Services Action Plan” to the blueprint for “IDS-2”, as MiFID
is also popularly called. We give a broad overview of the new directive and explain, what is
changing, who will be affected, and what you will need to consider in planning business activities
in a post-MiFID world.
We then look in more detail into the various (proposed) aspects of the MiFID “package”, including
organizational requirements, rules for conducting business, steps towards promoting market
transparency and the extension of the “passporting” of financial services.
We will discuss how these changes will lead to increased competition between European exchanges,
how financial advice will be regulated, how common rules on pre- and post-trade transparency and on
transaction reporting will affect securities markets, and how the extended passport arrangements
will make it easier to operate in other EU countries across a wider range of products.
Finally, we explain how new business opportunities could arise following the implementation of
MiFID, and we identify and discuss the implementation issues whose timely resolution will be
important to delivering an orderly transition to the post-MiFID world.
Day One
09.00 - 09.15 Welcome and Introduction
09.15 - 12.00 MiFID - Background and Overview
- What is MiFID?
-
Historical Background
- The Investment Services Directive (ISD-1)
- The Financial Services Action Plan
Scope and Definitions
- Scope of MiFID and Its Implications
- Definitions and Glossary
Organisational Requirements
- Policies and Procedures
- Outsourcing
- Safeguarding of Clients’ Assets
- Conflicts of Interest
Rules for Conduct of Business
- Client Classification
- Information to Clients
- Best Execution
- Client Order Handling
- Reporting Information to Clients
12.00 - 13.00 Lunch
13.00 - 16.30 Markets and Transparency
- Regulated Markets
- Multilateral Trading Facilities
- Over-the-counter Markets
- Transaction Reporting
Authorisation, Passporting and Enforcement
- Authorisation
- Cross-border Services and Establishment of Branches
- Enforcement and Regulatory Cooperation
Business Opportunities and Implementation Issues
- Business Opportunities – Winners and Losers in a Post-MiFID World
- Implementation Issues
Evaluation and Termination of the Seminar