This is a 15-hour Seminar aimed at providing 15 CPD units to professionals in the Financial Services Sector via offering a bouquet of expert and relevant titles in an easy to follow and comprehensive manner.
This course covers the issues of the Commercial Practices in the financial services sector and the approach in being compliant for this matter.
Marketing of investment products becomes an increasingly complex area for financial providers. Financial instruments sold to the public and admitted to trading on a regulated market or other trading venues are strictly regulated at European and national level in order to avoid mis-selling risk on the part of providers and excessive risk-taking on the part of investors. Poor presentation of the risks and payoff profile of the product, retail clients’ lack of familiarity with the financial instrument because of the underlying assets used, language that must appear in marketing materials are certain only of the areas for which detailed rules were adopted at European and national level.
Marketing, defined as the presentation of a financial instrument through different means (advertising, direct marketing, placement, advice, etc.) may be realised by an investment services provider, a financial investment adviser, or a direct marketer of investment services with a view to encouraging a client to buy that instrument.
Depending on the category of the investor (retail, professional, eligible counterparty) and on the category of financial instrument (complex or non-complex), the relevant capital markets law differentiates in a substantive way. Furthermore, apart from the capital markets law, consumer protection law also applies to retail investors, such as unfair commercial practices legislation.
The new regulatory framework on the provision of investment services (MiFID II) and the packaged retail and insurance-based investment products (PRIIPs) is quite demanding on the issue of investor protection. In fact, the enhancement of investor protection is one of the cornerstones of both these legal acts. Taking into account that retail investors are increasingly offered a wide variety of investment services as well as of packaged retail and insurance-based investment products, the need to inform them adequately in order for them to be able to take informed decisions is very important.
Furthermore, Member States should ensure that the investment firms which manufacture financial instruments ensure that those products are manufactured to meet the needs of an identified target market of end clients within the relevant category of clients, take reasonable steps to ensure that the financial instruments are distributed to the identified target market and periodically review the identification of the target market of and the performance of the products they offer. Investment firms that offer or recommend to clients financial instruments not manufactured by them should also have appropriate arrangements in place to obtain and understand the relevant information concerning the product approval process, including the identified target market and the characteristics of the product they offer or recommend.
At the same time, according to the Commission, existing disclosures to retail investors for PRIIPs are uncoordinated and often do not help retail investors to compare different products, or understand their features. Consequently, retail investors have often made investments without understanding the associated risks and costs and have, on occasion, suffered unforeseen losses. Improving the transparency of PRIIPs offered to retail investors is an important investor protection measure and a precondition for rebuilding the confidence of retail investors in the financial market, in particular in the aftermath of the financial crisis.
The new rules of MiFID II and PRIIPs as well as of the relevant delegated acts came in force on 3 January 2018.
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What you will Learn
This course aims to enable participants to achieve the following objectives
Dr Christina Livada
Dr Christina Livada is a Lecturer of commercial law at the Faculty of Law of the National and Kapodistrian University of Athens. Her main fields of specialization are company law, public and private banking and capital markets law, as well as consumer protection law. She is the author of several books and articles in the abovementioned fields. Christina Livada has worked for fifteen years at the Hellenic Bank Association as a Special Legal Advisor , responsible for the regulatory issues pertaining to banking, capital markets and consumer protection law. She is now a special legal consult with Alpha Bank Greece.
She is a member of the corporate governance Working Group of the Hellenic Corporate Governance Council for the review of the Greek Corporate Governance Code. She is also member of the Hellenic Association of Banking and Capital Markets Law and responsible for the content of the scientific Review Financial Law.
She obtained her PhD from the Faculty of Law of the National and Kapodistrian University of Athens in 2004. In 1996, she obtained her D.E.A. in International Law (International Private Law and Commercial Law) from the Panthéon-Assas University (Paris II). In 2000 she was awarded a research scholarship from the Swiss Institute of Comparative Law in Lausanne. In 1995 she completed her undergraduate studies at the Faculty of Law of the National and Kapodistrian University of Athens.