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UK & Ireland Dates and Locations

MIFID II MIFIR Workshop: A Master Class in Markets In Financial Instruments Directive II

UNDERSTAND THE KEY CHALLENGES WHEN IMPLEMENTING THE NEW RULES INTRODUCED BY THE MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE II

The European banking industry has been anxiously awaiting confirmation from the European Commission of the MiFID II implementation deadline. With the original proposal released in October 2011, and finalised in 2014, the intended implementation date was January 2017. In February 2016, this was revised to January 2018, and financial institutions have begun to mobilise an immense industry-wide initiative to identify the key compliance challenges and change ‘hot spots’, in order to plan and resource their own change programmes. 

Forte Markets has organised this workshop to help delegates to understand, with Financial Institutions now engaged in full-scale implementation planning for MiFID II and MiFIR, key questions and challenges being faced. Much of the finer detail of the rules will be contained in the Technical Standards from ESMA and Delegated Acts from the European Commission, which are still being finalised. The impact to infrastructure and technology is of serious concern to all inscope firms. Critically, the broader scope of the revised MiFID package will affect a far wider range of firms and products, meaning for some these changes will not be incremental developments, but an entirely new regulatory regime.

The urgent priority for all Financial Institutions, irrespective of size or business model, is to ensure the impact is understood and assessed immediately, with agendas and budgets aligned to compliance by January 2018. This workshop is designed to enable participants across the Financial Industry, from Compliance, Audit, Front Office, Treasury, Change and IT fields, to come together to understand the contents of these regulations, how their peers are implementing, and what challenges they face.

OBJECTIVES

This workshop aims to raise awareness and understanding of the new rules introduced by MiFID II/MiFIR and to highlight what the key challenges are being identified across the industry through the many delivery programmes ongoing at the moment.

Programme

08:30 REGISTRATION

09:00 Introductions and background to ongoing global regulatory reforms

• The history of financial regulation
• Building blocks of the Financial Crisis
• The global response & regulators reborn
• Focus on Europe

Workshop Leader: Targ Patience: Financial Markets & Regulatory Consultant


09:30 Governance, Supervision and Third Country provisions

• Changes since MiFID I
• Supervisory powers
• Passporting & third country access

Workshop Leader: Targ Patience: Financial Markets & Regulatory

10.00 ConsultantInvestor Protection

• Categories of clients
• Advice, suitability & appropriateness
• Product governance
• Conflicts of interest & inducements
• Best execution

Workshop Leader: Targ Patience: Financial Markets & Regulatory Consultant


10:30 MORNING BREAK AND NETWORKING OPPORTUNITIES

10.45 Market Infrastructure

• Venues & the trading environment
• Systematic Internalisers
• Algorithmic trading, HFT & Direct Electronic Access
• Clock synchronisation
• Commodities, central clearing & STP

Workshop Leader: Targ Patience: Financial Markets & Regulatory Consultant


12:00 LUNCH

13:00 Reporting, Transparency & Record Keeping

• Changes to transaction reporting
• New data types
• Transmission of orders
• Pre- and post-trade transparency
• Record keeping – investment firms and venues
• Best Execution reporting

Workshop Leader: Targ Patience: Financial Markets & Regulatory Consultant

14.00 Discussion Forum: Key Technology Challenges

14:45 AFTERNOON BREAK AND NETWORKING OPPORTUNITIES

15:00 Impact review

• Review of key market structural changes
• Review of key technological changes
• Discussion of strategic challenges

Workshop Leader: Targ Patience: Financial Markets & Regulatory Consultant


15.30 Reference data management

• Reference data in financial institutions
• Mapping data in the MiFID II world

Workshop Leader: Targ Patience: Financial Markets & Regulatory Consultant

16:15
DISCUSSION FORUM ON DELIVERY TIMELINES & CHALLENGES

• Internal development vs. external vendors
• Programme governance, structures and accountability
• Rule traceability and path to assurance
• From final rules to final testing

Workshop Leader: Targ Patience: Financial Markets & Regulatory Consultant


17:00 END OF WORKSHOP

Course Leader

Targ Patience: Financial Markets & Regulatory Consultant

Targ is an accomplished business change and regulatory consultant, who has helped financial institutions initiate and deliver major change programmes, improve business reporting and processes, and meet rapidly evolving regulatory standards. He has been involved in the front line of financial regulatory reform since 2010, and has advised investment firms and market infrastructures on Dodd-Frank, EMIR, Basel III and MiFID II, as well as the recently drafted European Financial Benchmarks Regulation and BIS Fundamental Review of the Trading Book. Targ’s clients include LCH.Clearnet, Barclays Investment Bank and management consultancies such as KPMG, Crossbridge and Essential Consulting, with whom he has worked as an associate to provide expert regulatory advisory to a number of tier-1 clients.

Training Partner

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