MiFID II : key requirements

Technical requirements:

• A personal computer (recommended), tablet or smartphone
• An up-to-date internet browser (Google Chrome recommended)
• * Cookies should be enabled
• * JavaScript should be enabled
• A stable internet connection

Should the internet connection be lost during an e-learning session, the browser will need to be restarted when internet is back to resume the e-learning at the last step recorded by the learning management system before the connection went out.

PwC Academy proposes a stand-alone digital tutorial from the MiFID certification e-learning suite, specifically designed to support the regular update of general knowledge and competence related to MiFID II requirements.

By the end of this training, participants will be able to:

• recognise the impact of the MiFID II regime on financial market participants and structures and par, including organised trading facilities (OTFs), systematic internalisers (SIs), derivative trading obligations, market access, and dark pools and broker crossing networks;
• identify how MiFID II aims to improve both pre- and post-trade transparency;
• recognise the importance of transaction reporting and governance under the MiFID II framework;
• quantify the impact of MiFID II on the various business lines of financial institutions.

Topic 1: Market structure

• Organised Trading Facilities (OTFs) and Systematic Internalisers (SIs)
• Changes to the SI regime
• Derivative trading obligations
• Market access
• Dark pools and broker crossing networks

Topic 2: Market transparency

• Pre-trade transparency
• Post-trade transparency

Topic 3: Investor protection

• Product governance: definition, target market criteria, regulatory requirements
• Investment advice
• Suitability and appropriateness provisions of MiFID II
• Suitability and sustainability
• Suitability reports
• Inducements regulation of MiFID II
• Investment research
• Best execution
• Conduct of business: product coverage

Topic 4: Transaction reporting

• Transaction reporting: Purpose, scope and responsibilty
• Approved reporting mechanisms (ARMs)

Topic 5: Other key requirements

• Commodity derivatives: limits and trading restrictions
• High frequency trading and controls
• Internal control and governance

Topic 6: Impact on business lines

• High-level impact
• Buy-side and sell-side impact
• Third-country access

We deploy our e-learning solution as from 10 licences.

The price per licence varies on quantity purchased:

• From 10 to 50 licences: EUR 75 each;
• From 51 to 150 licences: EUR 70 each;
• From 151 to 300 licences: EUR 60 each;
• From 301 licences: EUR 50 each.

This course has been designed with the support and collaboration of Cécile Liégeois, Partner and is coordinated by Isabelle Willequet, Senior Manager and Hugo Gil, Senior Associate at PwC Luxembourg.

• Cécile Liégeois is a partner specialising in audit and regulatory matters within the Financial Sector industry, with over 25 years of professional experience in Luxembourg. She possesses extensive expertise in Luxembourg banking, payment, and investment firm regulations, including MiFID II, governance, compliance, outsourcing, DORA, SFDR, and PSD2. Cécile leads external audits of banks, financial sector professionals, and management companies, preparing regulatory reports and managing projects on new regulatory implementations with a focus on business, regulatory, and operational impacts. She also supports the establishment of new regulated entities or branches such as banks, MiFID firms, or payment institutions. Her client work includes audits, regulatory impact assessments, compliance assistance, AML reviews, and outsourcing framework evaluations.
• Isabelle Willequet is a senior manager with 29 years of professional experience in the Luxembourg banking sector, specialising in banking processes, associated risks, and the implementation of adequate controls. She has extensive expertise as a Project Manager, commercial support, and Business Risk Manager, with a strong background in internationally-oriented banking activities within a Group matrix organisation. Isabelle possesses deep knowledge of the 3 Line of Defense model and has led numerous operational and regulatory projects for major banking institutions. Her expertise includes banking regulations, internal controls, and project management, complemented by delivering MiFID training and providing regulatory assistance and business model advice to banks and investment firms.
• Hugo Gil is a senior associate specialising in regulatory risk and compliance within the financial sector, particularly focusing on MiFID II and sustainable finance regulations. With a background in law and business administration, complemented by an L.L.M. and a specialisation in sustainable finance, he joined PwC Luxembourg’s Regulatory Risk and Compliance team after two years at a law firm. Hugo has developed a strong expertise in the European regulatory landscape, supporting banking industry clients across the company’s network. His notable projects include MiFID regulatory audits, self-assessment support for major banks, gap analyses, and remediation plans, demonstrating his professional growth in regulatory consulting.