MiFID II certification (e-learning)

PwC Academy has designed an innovative learning solution for professionals seeking an efficient and flexible way to address CSSF circular 17/665 knowledge and competence requirements.

The financial turmoil has shown how important it is to understand and manage risks within financial institutions. In that context, the regulatory environment has evolved to reinforce the risk management analysis and skills within the industry.

This change should not be underestimated and especially in the context of AIFMD. As a matter of fact, the risk management function is one of the two key functions (portfolio management being the second) that needs to be part of the activities of an AIFM.

This is particularly relevant for Luxembourg where portfolio management may not be fully performed within the AIFM and where the risk management function will need to be enhanced or reinforced. The risk management provisions of the AIFMD remain mainly principle based and do not take into account the specificities of the different sectors impacted. The range of assets types that could be invested in by an AIF is nearly unlimited (e.g. bonds, equities, derivatives, funds, real estate, private equity, infrastructure,...) and the same applies for the strategies (e.g. hedge fund: long/short, CTA, market neutral, real estate: Core, Core +, Opportunistic, private equity: leverage buy out, Secondary, Mezzanine...).

The risk management policies, processes and procedures need to be adapted to each asset class and to the risk profile of each AIF. Risk management is not new to the alternative investment management industry. However, the directive introduces increased formalisation, prescribes the timing, extent and nature of controls and oversight to be performed, to a level that many players have not had to deal with so far. Future AIFMs need risk management experts that understand their industry, the regulatory requirements and are properly equipped to fulfil their obligations.

The e-learning suite can be complemented by live classroom/webinar sessions on selected topics under the blended learning approach.In that context, PwC’s Academy has developed an advanced training program providing participants with the right level of knowledge as well as a set of tools and techniques that will allow them to get up to speed and ready to properly answer the expectations of the regulator, the board and investors. In order to focus on the requirements dedicated to the main investment categories that can be found within the industry, we have also created specific sessions focussing on PEREs.

Our complete program is made of 3 modules:

• Become an AIFMD risk manager - Regulatory and governance (3h)
• Become an AIFMD risk manager - Focus on Private Equity (4h)
• Become an AIFMD risk manager - Focus on Real Estate (4h)

The module 1 is a prerequisite to access the modules specific to private equity and real estate.

Our training curriculum is highly flexible in terms of delivery and is structured around 5 fundamental thematic pillars:

• Pillar 1: financial culture
• Pillar 2: assets, investment vehicles and products
• Pillar 3: tax, compliance and regulation
• Pillar 4 (for professionals providing investment advice or information about investment products, investment services or ancillary services): portfolio management
• Pillar 5: financial performance

Depending on the professional population considered, each thematic pillar comprises a set of digital tutorials related to the knowledge and competence criteria. Each thematic pillar kicks off with a skill gap assessment enabling the definition of personalised learning journey given the learner’s results.

Price: 550€

• 68h (for investment advisors)
• 64h (for information givers)

This digital learning has been designed with the support and collaboration of Cécile Liégeois, Partner at PwC Luxembourg.

Cécile has 22 years of professional experience in Luxembourg and developed deep knowledge of Luxembourg banking and investment firms regulations, amongst other topics, internal governance, outsourcing arrangements (BPO/ICT/Cloud) and operational/ICT risk management. She is leading projects of new regulations implementation focusing on business, regulatory and operational impacts. Cécile has experience in the external audit (financial and regulatory audit) of entities of the financial sector, mainly in the banking industry, other professionals of the financial sector (investment firms, support and specialised PFS), management companies and investment funds.