MiFID II Impacts
MiFID II is due to replace the Markets in Financial Instruments Directive (known as MiFID) on 3 January 2018. MiFID II encompasses a revised MiFID as well as the new Markets in Financial Instruments Regulation (MiFIR). The revisions reflect current regulatory priorities, in particular the lessons learnt from the financial crisis. As a result, it aims to increase:
- Investor protection
- Market efficiency, resilience and transparency
- Harmonisation of EU regulatory standards
MiFID II will be directly applicable across all EU Member States and will automatically become part of national law; no implementing legislation is required. Direct implementation of MiFID II is perhaps a good example of the last bullet point above and the move towards a single European rulebook.
The comprehensive and wide-ranging reforms contained in MiFID II will have practical and strategic impacts for firms at a business, operations and IT level. Many of the reforms will require material IT responses (with potentially long lead times) and there will be significant changes to the way in which many firms interact with clients, customers, markets and regulators.
MiFID II gives rise to significant training challenges. These range from awareness training that positions a firm’s business model within the context of MiFID II to detailed role-specific training that explains the consequential changes to firm policies, procedures and systems. To assist you in meeting these challenges, Eukleia has developed ‘An Introduction to MiFID II’, an awareness-level elearning course. It contains accessible bitesize modules that build to create a comprehensive overview of the forthcoming regulatory and market infrastructure changes. It also serves as a vehicle for positioning your own MiFID II project.
By the end of the course, the learner will have a better understanding of:
- The aims of MiFID II
- When and how MiFID II will be implemented
- How it fits into the bigger regulatory picture (including Brexit)
- Sell side impacts, including trading venues, transparency, trading and execution, research and product design and governance
- Buy side impacts, including suitability and appropriateness, inducements and research, best execution and product design and governance
Please contact us for further information.