MiFID / EMIR & Basel 3

Course Overview

Though first implemented in 2007, MiFID is currently undergoing changes, with practitioners suggesting that some trading environments are very complex, making its implementation more difficult. The course examines practical implementation challenges and proposed regulatory improvements to level the playing field for financial services firms.

Objectives of MiFID

• Single passports — barriers to entry removed
• Reduced regulatory bureaucracy — generally firms must only answer to their home regulator
• Principle v rule based — can cope with complexity
• Information sharing — regulation more effective

Agenda

EMIR

• European Market Infrastructure Regulation — overview
• Impact on pension funds, investment funds, corporates and insurance companies
• Definition of a derivative under EMIR
• The clearing obligation
• Risk management techniques
• NFCs and rolling average positions
• Clearing thresholds

Basel 3

• Introduction to new Basel requirements
• Capital conservation buffer
• Liquidity coverage ratios
• New stable funding ratios

Liquidity Coverage Ratio

• Definition of the LCR
• Application issues for the LCR
• Contractual maturity mismatch
• Concentration of funding

MiFID 2

• Extension of MiFID rules
• Exemptions and upgrades
• Upgrades to the market structure framework
• Corporate governance and investor protection
• Enhancement of the investor protection framework

Who Should Attend

Ideal participants are those new to the subject matter or needing a full refresher, as well as project team members requiring an overview of market products and processes.