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S7C Global Regulatory Compliance Training Programme©

This comprehensive one or two day compliance training program will provide attendees with an in-depth understanding of both existing and new and emerging global regulatory The training program can be specifically tailored to meet a company's training needs by allowing companies to choose a 1 day (4 Modules) or a 2 day (8 Modules) training programme covering European Union (EU), United States (U.S.) and global regulatory frameworks. From the EU perspective, the program will look at the way the Alternative Investment Fund Managers Directive (AIFMD), the European Market Infrastructure Regulation (EMIR), and the revised Markets in Financial Instruments Directive (MiFID II) now function in practice. From the U.S. perspective, the program will instruct attendees on the latest developments affecting the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and the Foreign Account Tax Compliance Act (FATCA) frameworks. From a global perspective the course will help delegates to understand the new compliance obligations and risks under the Basel III and OECD Common Reporting Standard compliance regimes. 

Days 1 to 2

MODULE 1: An Overview of Global Regulatory Compliance

  • A Snapshot of Today's Global Regulatory Framework (Central Securities Depositary, Market Abuse Directive II, Target 2 Securities, Solvency II).
  • Striving towards a holistic and cost-effective approach to global compliance.
  • Competently addressing Legal, Financial, Market, Operational, and Reputational Risks.

MODULE 2: The Alternative Investment Fund Managers Directive (AIFMD)

  • Overview of Key AIFMD Obligations.
  • AIFMD rules (rules on transparency, conduct of business, delegation, transparency, leverage, remuneration, risk management, and reporting).
  • AIFMD exemptions (Special Purpose Vehicles, Intra Group, and De Minimis).
  • AIFMD obligations for EU AIFs/AIFMs and non-EU AIFs/AIFMs.
  • Updated AIFMD Compliance Issues.

MODULE 3: The European Market Infrastructure Regulation (EMIR)

  • Application and Key Clearing Obligations for FC, NFC+, NFC-, and TC+ entities, and Threshold Calculations.
  • Clearing, Reporting, Risk Mitigation, and Dispute Resolution Obligations.
  • Risk measures for non-centrally cleared over-the-counter (OTC) derivatives
  • Interoperability between Clearing Counterparties (CCPs).
  • Updated EMIR Compliance Issues.

MODULE 4: The Markets in Financial Instruments Directive (MiFID II)

  • Overview of Key MiFID II obligations and concepts.
  • Conduct of Business obligations.
  • The new Third Country Firm framework.
  • Transparency and investor protection.
  • In-scope OTC derivatives and commodities markets.
  • Organised Trading Facilities (OTFs), Multilateral Trading Facilities (MTFs), and Systemic Internalisers (SIs).
  • Enhanced supervisory powers and sanctions.


  • The Basel Accords (I, II, and 2.5) and the Three Pillar Basel framework.
  • Basel III changes to bank capital adequacy, market liquidity risk, stress testing, capital requirements, countercyclical capital buffers, and capital conservation buffers.
  • Updated Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) issues. 

MODULE 6: The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank)

  • Overview of Key Dodd-Frank Obligations (securitisation, swaps, credit ratings agencies, funds, Volcker Rule).
  • Regulatory structure and corporate governance changes.
  • Regulating Systemically Significant Financial Institutions (SSFIs).
  • Substituted Compliance Determinations for non-US regimes and No-Action Letters.

MODULE 7: The Foreign Account Tax Compliance Act (FATCA)

  • FATCA definitions and the Three Pillars of FATCA (Classification, Reporting, Withholding).
  • Conducting FATCA due diligence.
  • Analysing Model 1 IGA, Model 2 IGA, and FFI Agreements.
  • Assessing compliance risks and costs.
  • FATCA civil and criminal penalties.
  • FATCA gross proceeds and passthru payments.

MODULE 8: The OECD Common Reporting Standard (CRS)

  • The Convention on Mutual Administrative Assistance in Tax Matters.
  • Analysing the Standard for Automatic Exchange of Financial Account Information (Model Competent Authority Agreement) (Common Reporting and Due Diligence Standard).
  • Reporting and due diligence standards.
  • Indicia searches (electronic and paper) and permanent residence address test.
  • Comparing FATCA and CRS reporting and due diligence obligations.

MODULE 9: The CCP Regulatory Framework (EU)

•ESMA and CCP authorisation, recognition and supervision in the EU.
•CCP operating, clearing and reporting obligations under the EMIR framework.
•CCP Cleared Products, Reporting, Interoperability, Third Country CCPs.
•Basel III capital treatment/risk weightings for Qualifying and Non-Qualifying CCPs.

MODULE 10: The CCP Regulatory Framework (U.S.)

•Differentiating CCPs in the U.S. (Derivatives Clearing Organization (DCO) and (Securities Clearing Agency) (SCA)).
•The SEC, the CFTC and CCP authorisation, recognition and supervision.
•CCP operating, clearing and reporting obligations under the Dodd-Frank framework.
•CCPs and cleared products (swaps, securities-based swaps, mixed swaps).



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