Because of COVID-19, many providers are cancelling or postponing in-person programs or providing online participation options.
We are happy to help you find a suitable online alternative.
Who should attend
This course is suitable for all staff within regulated firms responsible for MiFID II implementation and ongoing mentoring, CCOs and compliance staff, and operations and support staff.
About the course
What have we learnt so far and what next?
MiFID II was some seven years between consultation and go-live, generating in the process some reported 30k+ pages of rules. Today, many market participants are still wondering whether they did enough to prepare and more importantly what else they still need to be focusing on. As with all regulations, it is a marathon and not a sprint and we haven’t yet reached our final destination on the MiFID II journey.
Key Learning Outcomes:
- A recap of the core components of MiFID II, namely: market structure, transparency, oganisational requirements, conduct of business
- Market developments under MiFID II based on regulatory publications and statements to consider, including:
- The key areas of MiFID II on which supervisors are expected to focus (which may be subject to change)
- Areas where revisions to MiFID II are already planned or underway
- Areas where medium-term revisions to MiFID II are possible
Since MiFID II’s January 3 go-live date the changing market structure dynamics in Europe have been top of mind for market participants in Europe and globally. In this section we will consider the main venue changes and what they mean across key asset classes.
- Introduction of organised trading facilities for non-equity products
- High-frequency trading authorisation requirements and limitations
- Extension of commodity derivative regulation: authorisation, position limits and reporting
- Derivative trading requirements: trading obligation and access to central counterparty
- Exercise: highlight key impacts of changes to market structure regulation
MiFID II introduced significant changes to the pre- and post-trade transparency regime for EU financial markets. In this section we will look at some of these key changes and what they meant and continue to mean for impact firms:
- Extension of pre-trade transparency
- Enhanced post-trade transparency
- Increased transaction reporting regime: expansion of scope, additional information
- Trade and transaction reporting
- Consolidated tape
- Exercise: debate regarding pros and cons of transparency in markets
In addition to changes to market structure, conduct of business and transparency, MiFID II introduced extensive requirements in respect of internal management, organisational arrangements, individual responsibilities and governance:
- Management bodies
- Product governance
- Sales and remuneration
- Title transfer collateral
- Exercise: regulator prescription for proper firm management
Conduct of Business
MiFID II aimed to enhance the protection levels granted to different categories of clients and introduce many new changes for firms to implement. In this section we recap on what these where, what they meant and why they matter, focusing in on:
- Appropriateness requirements
- Best execution information
- Illustration case study: three case studies covering impact of changes to conduct of business rules