logo-euiFlorence School of Banking & Finance

MiFID II/ MiFIR: Evolution and Revolution

Qualitative

14 June – 02 July 2021

Registration deadline: 3 June 2021

Register here
  • General description

    The Markets in Financial Instruments Directive (MiFID II) / Markets in Financial Instruments Regulation (MiFIR) and delegated acts, or in short the ‘MiFID II/MiFIR package’ have strengthened the EU regime for investor protection, and market transparency and efficiency. The rules have substantially affected the way banks and investment firms provide investment services and perform trading activities. Overall, this legal framework constitutes a cornerstone of EU financial markets’ regulation, which contributes to the strengthening of a single market for investment services and activities. The implications are remarkable both from a practical and a theoretical perspective. This course, taught by experts, practitioners, and scholars, will address the main aspects of MiFID II and MiFIR. The evolving context sees sustainable finance, crowdfunding and FinTech moving front and centre, as well as Brexit and third-country equivalence challenges.

    Your progression in the course will require 15 hours to be completed
    The exact duration for participants depends on previous experience and time devoted to each activity, including optional activities.

  • Topics covered

    • Key concepts of MiFID II and MIFIR: services, activities, instruments, players, markets.
    • Links with sustainable finance
    • Agency problems
    • Inducements and independent investment advice
    • Suitability and appropriateness test
    • Product governance & product intervention
    • Pre- and post-trade transparency regimes
    • Monitoring and compliance duties for regulated markets, MTFs, OTFs
    • Algorithmic and high-frequency trading
    • Relationship with MAR
    • Accessing financial market data and establishing the reasonable commercial basis
    • Key regulatory actions towards DLT-based finance
    • The impact of MiFID II on Crowdfunding
    • Regime for Third-Country Firms: MiFID II/MiFIR and Brexit
    • Enforcement practices in MiFID II: Public and private enforcement
  • What you will learn

    After completing the course, you will get:

    1. An extensive review of the legal changes and upcoming review of the MiFID II/MiFIR package, and its interplay with other pieces of EU financial regulation
    2. An analytical overview of the contribution of the MiFID II/MiFIR regime to ensure the efficiency and transparency of financial markets
    3. A good knowledge of relevant policy developments in Data, Crypto Assets and FinTech Regulation, as well as the impact of sustainable finance and Brexit
    4. A critical approach to some issues raised in the regime and how to address them (e.g. agency problems, know your customer, independent investment advice)
    5. A solid assessment of the effectiveness and the consequences of some provisions (product governance and product intervention, transparency rules, market integrity processes)

  • Modules

    • Module 1: The basics of MiFID II and MiFIR
    • Module 2: Agency problems and know-your-customer
    • Module 3: Excluding harmful products from the market
    • Module 4: Trading venues, systematic internalisers, market integrity
    • Module 5: FinTech and Third-Country Firms
    • Module 6: Public and Private Enforcement
  • Format and schedule

    Your progression in the course will require 15 hours to be completed
    The exact duration for participants depends on previous experience and time devoted to each activity, including optional activities.

    • Your progression in the course will consist of access to self-paced material, including video lectures, video interviews, and practical exercises including quizzes, assignments and case studies.

    • In addition, the course will feature a kick-off session and three live classes, which include group discussions and collective exercises, led by course directors and guest instructors.

    Live classes schedule

    14 June
    Course opening. Access to all course modules

    11:00-12:00
    Kickoff live class (Mod.0)


    23 June
    12:00-13:30
    First live class (Agency problems, KYC, Product governance)

    29 June
    12:00-13:30
    Second live class (Fintech, Crowdfunding)

    1 July
    12:00-13:30
    Third live class (Public/Private enforcement)
    Course closing

  • Meet the instructors

    COURSE DIRECTORS

    Veerle Colaert holds the chair for financial law at KU Leuven University since 2011 and is co-director of the KU Leuven Jan Ronse Institute for Company and Financial Law. She has been a member of the Securities and Markets Stakeholders Group advising the European Securities and Markets Authority (ESMA) since 1 July 2016, a member of the Sanctions Commission of the Belgian Financial Services and Markets Authority (FSMA) since October 2016, and an expert member at the Belgian Commission des Assurances since October 2012. She is a member of the board of directors of the Belgian department of the European Association for Banking and Financial Law (AEDBF Belgium) and of the editing board of the leading Belgian review on company and financial law, TRV-RPS. From 2000-2005 she was an attorney at the Brussels’ Bar. In March 2010 she defended her PhD thesis on the relationship between the MiFID rules of conduct, consumer law and national civil law. She has published numerous articles and is a regular speaker at international and national conferences on financial regulation. Her main research interests relate to investor protection (MiFID, PRIIPs, IDD), deposit insurance and Banking Union, FinTech, and the interplay between different pieces of financial regulation.

    Matteo Gargantini is Assistant Professor of European Economic Law at the University of Utrecht. Previously, he worked at Consob, the Italian Securities and Exchange Commission, and at the Max Planck Institute Luxembourg for Procedural Law (as a Senior Research Fellow). He also worked in the Capital Markets and Listed Companies Unit of Assonime, the Association of the Italian joint-stock companies. Matteo holds a PhD in Law and Economics (Banking and Financial Markets Law) from the University of Siena, and in 2012 he received the Italian National Academic Qualification as Associate Professor (Law and Economics and Financial Markets Law). His main fields of research are capital markets, banking, and company law.

    GUEST INSTRUCTORS

    Federico della Negra is a Senior Legal Counsel in the SSM Secretariat Division of the Directorate General SSM Governance and Operations of the European Central Bank (ECB). Before joining the ECB in 2016, he worked as Blue Book trainee in the Legal Service of the European Commission and as a lawyer in an Italian law firm. He is a qualified lawyer in Italy. Federico holds a master degree in Law from the University of Pisa, an excellence diploma in Law from the University Sant’Anna School of Advanced Studies of Pisa and a LL.M. in Comparative, European and International Legal Studies from the European University Institute, EUI. In 2017 he obtained a Ph.D. in Law from the EUI on the topic of private enforcement of EU investor protection regulation. Federico published the monograph ‘MiFID II and Private Law. Enforcing EU Conduct of Business Rules (Hart Publishing, Oxford)’ and numerous articles and contributions in peer reviewed journals and edited volumes on consumer law, financial regulation, contract law and fundamental rights. Federico also publishes and keeps updated, together with Professor René Smits, a list of the case law of Union courts on the European Banking Union on the website of the European Banking Institute (EBI). Federico is member of the Associate Researcher Group at the EBI and teaches administrative banking law and contract law in the LLM on Law and Practice of the Banking Union at the University of Bologna.

    Eugenia Macchiavello is Assistant Professor in Business Law at the University of Genoa and Academic Fellow of the Jean Monnet Centre of Excellence in Sustainable Finance (EuSFIL, www.eusfil.eu) at the same University. She has been teaching banking law and supervising theses in the same area since 2013, obtaining the Italian license as Associate Professor in Economic Law in October 2018. Before joining the University of Genova, she has been a visiting Fellow at the NYU Center of Financial Institution and certified attorney-at-law in Italy in the area of company law, banking and investment contracts and civil law. Eugenia earned a JD (laurea magistrale in Giurisprudenza, advanced degree in law) summa cum laude from the University of Genoa in 2006, a Ph.D. in Corporate Governance in 2011 from the same University and a LL.M. in 2010 from the New York University School of Law, receiving merit-based scholarships and awards. She has participated in several nationally and internationally-relevant research projects and intensively presented at conferences and invited as guest lecturer at national and foreign Universities. She is author of the first book on microfinance regulation in Europe from a comparative law and multi-disciplinary perspective (Microfinance and Financial Inclusion. The Challenge of Regulating Alternative Forms of Finance, Routledge, 2018) and of more than forty journal articles and book chapters in the areas of financial regulation and business law, in particular on her current research interests: Fintech, alternative and inclusive finance regulation as well as sustainable finance. Eugenia is a member of the Italian Association of Professors in Economic Law (ADDE) and participant to the Italian Capital Markets Authority (Consob) Working Group on FinTech as well as editorial member and referee for renowned book editors and Journals. She is fluent in English, French and Spanish (mother tongue: Italian).

    Diego Valiante is a senior officer and team leader at the European Commission (DG Financial Stability, Financial Services and Capital Markets Union, FISMA) and Adjunct Professor at the University of Bologna. Between 2009 and 2016, he was Head of Financial Markets and Institutions at the Centre for European Policy Studies (CEPS), among the top 5 European think tanks, and Head of Research of the European Capital Markets Institute (ECMI). He was also Member of the Group of Economic Advisers (GEA) to the European Securities and Markets Authority (ESMA) between 2014 and 2016. Before joining the European Commission, Diego advised several international organisations and institutional investors, including the European Parliament, European Commission and ECB. He is author of numerous publications in the fields of financial markets economics and regulation, banking, central banking and economic policies. He holds a Ph.D. in Law and Economics from LUISS University, a Joint LL.M. in Law and Economics from Erasmus University Rotterdam and Bologna University, a M.Sc. in Economic Analysis of Law and a B.Sc. in Business Economics from LUISS University Rome.

    INTERVIEW PARTNERS

    Francesco Costantino (Regulatory Consulting)
    Chairman and Managing Partner of Regulatory Consulting since 2000, Francesco and the team provide tailored services for high level clients in the financial sector with regards the internal control activities (Compliance, Internal Audit, Risk Management and Anti–Money Laundering). Following a career in the Guardia di Finanza (Italian Finance Police) from 1987 to 1993 and then as an official in CONSOB (1993-2000), where he was involved in the inspection and supervision of financial intermediaries, since 2000 he has also served as an independent member of corporate bodies of prominent financial institutions. He has also been appointed as a special commissioner by CONSOB and the Bank of Italy, and as a technical consultant in important judicial proceedings. The author of numerous articles and publications, he was also a member of the Scientific Committee for the post-graduate Master’s in Intermediaries, Issuers and Financial Markets at Rome’s La Sapienza University, a visiting lecturer on technical legal subjects at the LUISS Business School’s–School of Management and a speaker at numerous conferences on financial market law.

    Christiane Hölz (DSW/Better Finance)
    Christiane is an attorney having studied in Germany and in France. She joined Deutsche Schutzvereinigung für Wertpapierbesitz e.V. (DSW) in 1999 and acts as managing director for the region North Rhine-Westphalia since 2011. DSW is the leading German investor association – a non-profit organisation founded in 1947 with more than 30.000 individual investors as members. The main objective of DSW is the protection of the interests of individual investors, including but not limited to shareholders, fundholders, and bondholders. At DSW, Christiane is primarily responsible for (international) Corporate Governance issues, as well as for DSW’s participation in legislative procedures regarding German and European regulation (focused on securities regulation, banking and finance law). Further tasks include giving legal advice to members of DSW and leading DSW’s research on governance-related issues, such as executive compensation, board structure etc. Christiane is also Vice Chair of the EU Commission’s Financial Services User Group (FSUG) and of ESMA’s Securities and Markets Stakeholder Group. She further serves as board member and member of the audit committee of a German mid-cap company. Christiane graduated in Law from the University of Cologne (First State Exam) and obtained her bar exam at the Higher Regional Court in Düsseldorf (Second State Exam).

    Rainer Riess (FESE)
    Rainer Riess is Director General of FESE and an Independent Advisor to exchanges and financial services companies with more than 30 years of experience in the global exchange industry. He is the Vice Chair of the Securities and Markets Stakeholder Group (SMSG) which provides ESMA with opinions and advice on its policy work. He was Senior Independent Director in the Supervisory Board of the Moscow Exchange, heading over the years the Audit, Remuneration and Nomination as well as the Strategy Committee. He served for many years as Vice Chairman of the Board of the Frankfurt Stock Exchange and was responsible for the cash market business of Deutsche Börse AG. During his tenure at Deutsche Börse he created and managed markets, drove changes in European corporate governance and accounting practice, financial market regulation and supervision of market player. Major initiatives include running the cash market in a competitive MiFiD environment and financial market crises, the creation of DTB Deutsche Terminbörse / Eurex, developing European primary markets (Neuer Markt, indices, corporate governance and regulation), launch of the Xetra electronic trading system and the CCP as well as the creation of the European ETF and structured products markets. He is a Member of the Board of Trustees of the English Theatre Frankfurt and several charitable organisations. He holds a Master in Economics from Johann Wolfgang Goethe University in Frankfurt and received an MBA from the University of Miami as a Fulbright Scholar.

    Rudolf Siebel is responsible for Legal, Statistics & Research and IT at BVI, the German asset man-agement and fund industry trade association. He represents the interests of the fund industry on the Technical Committee at the German Federal Financial Supervisory Authority (BaFin). Rudolf Siebel was on the German SEPA Committee. He is Chair of the Trading, Reporting & Market Infrastructures Standing Committee of the European Fund and Asset Management Association (EFAMA). He has been appointed a member of the Finan-cial Stability Board (FSB) working group “Private Sector Preparatory Group”. This working group ad-vises the supervisory officials on the Financial Stability Board on introducing and developing the Le-gal Entity Identifier (LEI). He is Member of the German Asset Management Standards Committee (GAMSC) to support GIPS standards. Rudolf Siebel was a member of the European Post-Trade Fo-rum (EPTF) of the European Commission and he also was a member of the Consultative Working Group of ESMA’s Post Trading Standing Committee. He was Vice Chair of the international securities standardisation association, Securities Market Practice Group (SMPG). Previously, he was a Vice President – Senior Credit Officer with Moody´s Investors Service.

  • Prerequisites

    • BA/MA degree in Law, Economics, Management, Political Science or equivalent degree or experience.
    • A basic knowledge of financial markets regulation is required to follow this course.

  • Fees

    950€ – Public Authorities (e.g. National Competent Authorities, Central Banks and European Institutions).

    1050€ – Private Sector.

    750€ – Academics (Full-time Professors, full-time PhD Students and full-time Research Associates). Please submit a certificate attesting your status of Professor, PhD Student or Research Associate to fbf@eui.eu before registering. FBF secretariat will provide you with a code to register. *Seats for academics are limited and assigned by the FBF secretariat on a case-by-case basis.

    Please note that the payment must be settled one week before the start of the course.


    CANCELLATION POLICY

    • Registered participants can cancel their participation and ask for a refund until two weeks (3 June) before the start of the course, by sending an email to the FBF secretariat: fbf@eui.eu. Past that date, refund requests will no longer be accepted by the Secretariat (unless for compelling and motivated reasons).
    • In case a course is cancelled, registered participants can request a total refund or request a voucher to attend another FBF course.
    • In case a course is postponed to another date, registered participants have the following three options: request a voucher to attend another FBF course, transfer their registration to a colleague or request a refund.

    For more details, please contact fbf@eui.eu