MiFID/MiFIR: key requirements (e-learning)

A digital tutorial from the MiFID certification e-learning suite, designed to support the regular update of general knowledge and competence around MiFID II requirements.

By the end of this course, 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)
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
Suitability and sustainability
Suitability reports
Appropriateness
Inducements
Investment research
Best execution
Conduct of business: product coverage

Topic 4: transaction reporting

Purpose of transaction reporting
Client identification
Scope of transaction reporting
Responsibility for transaction reporting
Approved Reporting Mechanisms (ARMs)

Topic 5: Other key requirements

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

Topic 6: Impact on business lines

High-level impact
Buy-side and sell-side impact
Third-country access
Third-country access: models

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.