MiFID II and MAD II Seminar

The new European regulatory framework on MiFID II, Market Abuse (MAD II and MAR) 

With Dr Christina Livada

Introduction

The Markets in Financial Instruments Directive (2004/39/EC) has been applicable across the European Union since November 2007. It is a cornerstone of the EU’s regulation of financial markets seeking to improve the competitiveness of EU financial markets by creating a single market for investment services and activities and to ensure a high degree of harmonised protection for investors in financial instruments.

In 2011 the European Commission adopted a legislative proposal for the revision of MiFID which took the form of a revised Directive and a new Regulation, commonly referred to as MiFID II and MiFIR; these were adopted by the European Parliament on 15 April 2014, and by the Council of the European Union on 13 May 2014

 

 Directive 2003/6/EC of the European Parliament and of the Council, known as “MAD”, completed and updated the Union’s legal framework to protect market integrity. However, given the legislative, market and technological developments since the entry into force of that Directive, which have resulted in considerable changes to the financial landscape, that Directive was replaced by two new legal acts, the Market Abuse Regulation (MAR) and the new Market Abuse Directive (MAD II).

The Market abuse Regime (MAR) and Criminal Sanctions Directive (CSMAD),  is an extension of the Market Abuse Directive (MAD), implemented in 2005. The regime resulted in an EU-wide Market Abuse Regime across financial services and established a framework for establishing orderly flows of information to maintain a level playing field for market participants. ESMA has recently announced the relevant MAR Guidelines that set to describe and implement this regime.

Course Content:

MiFID II

  • Timeline and expected scope and implementation
  • Key proposals and their interconnections
  • Strategic Implications
  • Conduct of Business
  • Dealing effectively with the new markets requirements
  • Regulation and regulatory technical standards
  • The markets Dimension of MiFID II and MiFIR and who is affected
  • Investment and Ancillary Services
  • Mandatory on-platform trading
  • Increased reporting and disclosure
  • Extension of Transparency
  • Issues on technology
  • Information to Clients
  • Product Banning
  • Best Execution
  • Suitability
  • Appropriateness

MAD II and MAR

  • The new regulatory environment
  • Scope of application
  • Inside information and insider dealing
  • Market manipulation
  • Compliance requirements
  • Competent authorities
  • Administrative sanctions and measures
  • Criminal sanctions for market abuse
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DURATION: 6 Hours

CPD UNITS: 6

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Registration Form

If you need help completing the online registration form, please give us a call at 2227 4470 or email us at [email protected] 

In-House Training

If you would like to discuss bringing this or another topic to your organization on an in-house basis please call us at 22274470 or email us at [email protected].

Trainer: 

Dr Christina K. Livada, Lecturer of Commercial Law, Special Legal Advisor of the Hellenic Association of Banking and Capital Markets

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 is working for the last fifteen years at the Hellenic Bank Association as a Special Legal Advisor (currently on a part-time basis), responsible for the regulatory issues pertaining to banking, capital markets and consumer protection law. 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.

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