Although the Markets in Financial Instruments Directive (MiFID) has been highly successful since it was launched in 2007, it is now felt at European level that there is a need to update it.
First, market fragmentation has made the trading environment more complex, especially in terms of collection of trade data. Second, market and technological developments have outpaced various provisions in MiFID. The EU Commission sees the public interest in a transparent level playing-field between trading venues and investment firms as being undermined. Third, it is felt there are weaknesses in the regulation of instruments other than shares, traded mostly between professional investors. Finally, rapid innovation and growing complexity in financial instruments are prompting higher levels of investor protection measures.
The EU Commission is currently seeking to put forward compromise proposals in the form of the MiFID2 Directive and a new MiFIR Regulation which will have direct application without transposition into Irish law.
Participants will have an understanding of the MiFID2 and MiFIR proposals and their impact on current market and regulatory arrangements. The course should also provide an indication of the impact on firms, the work to be undertaken by regulated firms to adjust to the MiFID2 and MiFIR proposals and the likely timeframe.
Examining proposals in the MiFIR in relation to:
- The disclosure of trade transparency data to the public and transaction data to competent authorities;
- The authorisation and ongoing obligations applicable to providers of data services;
- The mandatory trading of derivatives on organised venues; and
- Specific supervisory actions regarding financial instruments and positions in derivatives.
Examining proposals in the MiFID2 Directive in relation to:
- Extension of MiFID rules to like products and services;
- Revision of exemptions from MiFID;
- Upgrades to the market structure framework;
- Improvements to corporate governance;
- Enhanced organisational requirements to safeguard the efficient functioning and integrity of markets;
- Enhancement of the investor protection framework;
- Heightened protections in the provision of investment services to non-retail clients;
- New requirements for trading venues;
- An improved regime for SME markets;
- Third country regime;
- Heightened powers over derivative-positions for competent authorities;
- Amended sanctions powers; and
- Trading in Emission allowances.
Who should attend:
- Chief Executive Officers
- Board Directors
- Strategic Planners
- Compliance Officers
- Financial Regulators
€620 for 1st attendee
|Wednesday 22nd November 2017||9.15 am - 5.15 pm||38/39 Fitzwilliam Square,Dublin 2|
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Institute of Bankers: Formal CPD Hours
QFA: 2 hours
CPD Member: 2 hours
RS CPD Member: 2 hours
LCOI: 2 hours
Chartered Banker: 2 hours
CeB (Certified Banker): 2 hours
Instutue of Insurance Ireland CPD Hours
CPD Member: 2 hours
Category 3: 2 hours
ACII / FCII CPD: 2 hours
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