The MiFID II/MiFIR package has strengthened the EU regime for investor protection, and market transparency and efficiency. The new rules have substantially affected the way banks and investment firms provide investment services and perform trading activities. The implications are remarkable both from a practical and a theoretical perspective. This course, taught by experts from practice and academia, will address the main aspects of MiFID II and MiFIR, also in the light of their initial impact.
After having completed the course, you will have an in-depth practical and theoretical knowledge of the main aspects of the new MiFID II/MiFIR framework.
Overview of MiFID II and MIFIR: services, activities, instruments, players, markets.
Relationship with CMU & Brexit
Scope and exemptions
Governance of investment firms
Duties of information
Suitability and appropriateness test
Best execution & client order handling
Conflicts of interest and self-placement (including structural measures and remuneration)
The new regime for inducements and independent financial advice
Product governance & product intervention
Regulated markets, MTFs, OTFS and systematic internalisers
SME Growth Markets
Pre- and post-trade transparency regimes
Monitoring and compliance duties for regulated markets, MTFs, OTFs
Algorithmic and high-frequency trading
Relationship with MAR
Regime for Third-Country Firms: MiFID II/MiFIR and Brexit
Ensuring equivalent treatment of equivalent financial services: MiFID II and the IDD