Day 1: Sessions

KEYNOTE SPEECH

Stephan Hanks, MiFID II: The Final Chapter

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: Transparency, Position Limits and Position Reporting

• 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.

SESSION 3: 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 4: The Third Country Firm Framework

• 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.
• Third Country Firm legal and taxation considerations for choice of branch or subsidiary.

Day 2: Workshops

WORKSHOP 1: Over-the-counter (OTC) and Commodity Derivatives

• Analysing the Level II implementing measures and curtailment of available exemptions.
• Revised financial instruments (emission allowances, OTF physically settled contracts).
• Position limits and position reporting to ESMA.
• Regulation on Energy Market Integrity and Transparency (REMIT) and Markets in Financial Instruments Regulation (MiFIR) equivalence transaction reporting.

WORKSHOP 2: Liquidity, Algorithmic Trading, and Dark Pools

• The latest MiFID obligations for automated trading in the EU (authorisation, market making, venue pricing, order-to-trade ratios).
• Execution algorithms and proprietary trading strategies adopted by high-frequency traders.
• Liquidity, high-frequency traders, and dark trades.
• MiFID II dark trading caps (reference price waiver, negotiated trade waiver) and exemptions (large in scale waiver) and the impact of MiFID II liquidity requirements on risk management policies.

WORKSHOP 3: Use of Technology and Software in MiFID II Compliance Programs

• The impact of MiFID II on financial institution internal processes.
• MiFID II gap analysis, risk analysis, and process and procedure mapping.
• Consolidating global financial regulatory compliance obligations into one technology-based solution.
• Assessing the use of third party services for MiFID II reporting and compliance.

WORKSHOP 4: MiFIR Reporting Framework and the FCA’s Regulatory Market Data Processing Platform

• MiFIR reporting obligations, classification of investment firms, new reportable instruments, extended transaction report fields, Legal Entity Identifiers (LEIs) and standards.
• An Overview of the new FCA digital Regulatory Market Data Processing Platform (RMDPP) delivered by Sopra Steria (operational build, capabilities, timelines, cost reductions).
• The Interaction of the RMDPP and MiFID II and MiFIR frameworks (validation and storage of transaction reports, big data capabilities, industry beta testing phase, adjacent MiFID II opportunities).

Key Benefits

• National MiFID II implementation insights by Stephan Hanks, FCA.
• Advanced knowledge and understanding of the latest MiFID II regulation, compliance, and risk management issues
• Key analysis and insight into the latest draft Level 2 texts published by ESMA
• Extensive pre-conference questionnaire to identify delegate's key course objectives
• Lenovo 8" Yoga Tablet pre-loaded with conference presentations and documentation to take-away
• Comprehensive conference documentation
• Post-conference expert trainer follow-up to guarantee all key course objectives have been met

Course Suitable For

• Back Office
• Buy-Side Firms
• Chief Executives
• Chief Financial Officers
• Chief Risk Officers
• Compliance Officers/Directors
• Data Firms
• Front Office
• General Legal Counsel
• General Managers
• Investment Managers
• Middle Office
• Sell-Side Firms