The Markets in Financial Services Regulation and Directive (MiFID II) is part of the wider European Financial Services Action Plan. The main aim of creating a single market for financial services is to establish a stable, competitive and transparent financial services framework across the European Union.
The regulatory transaction reporting regime will be standardised across Europe under the Markets in Financial Services Regulation. The primary purpose of transaction reports is to detect and investigate suspected market abuse, insider dealer and market manipulation.
MiFID II is a far-reaching reform across European Financial markets, which will create new requirements for firms and fundamentally alter the structures of certain markets. The Markets in Financial Instruments Regulation (MiFIR) Level 1 text states, under Article 26(1), that investment firms that execute transactions in financial instruments shall report complete and accurate details of such transactions to the Competent Authorities as quickly as possible and no later than the close of the following working day, 23:59:59 UTC to be exact.
While the Markets in Financial Services Directive (MiFID) allowed Member States a degree of flexibility in interpreting the transaction reporting requirements into local law, the implementation of the regime under the Markets in Financial Instruments Regulation (MiFIR) will be directly applicable and binding to all Member States.
This workshop will provide delegates with a review and highlight some of the significant challenges and updates since the new regime went live on the 3rd January 2018. Attending this workshop will enable participants to:
- Explain the importance of transaction reporting to the detection of market abuse.
- Identify scenarios of market abuse and the importance of Transaction Reporting in the prevention of financial crime.
- Explore what MiFIR Transaction Reporting is, including approach, field analysis and scenarios.
- Illustrate scenarios and seek to identify challenges to getting MiFIR Reporting accurate and complete.
- Develop a framework to meet regulator’s expectations, identifying key risks for operational oversight and assurance.
- Facilitate and manage resources specifically systems changes.
- Clarify the regulatory outcomes and practical implications of MiFIR Transaction Reporting Oversight.
- Transaction reporting and detection of market abuse
- Market abuse scenarios
- Transaction reporting and prevention of financial crime
- MiFIR transaction reporting: approach, field analysis and scenarios
- Challenges to getting MiFIR Reporting accurate and complete
- A framework to meet regulator’s expectations
- Key risks for operational oversight and assurance
- Regulatory outcomes and practical implications for MiFIR Transaction Reporting Oversight
- Systems changes
This workshop is designed to be participative throughout. The agenda will combine key formal presentations, case studies and syndicate discussion sessions. There will be ample opportunity for delegates to benchmark experiences with industry peers and raise issues of most concern to their organization, either confidentially or in open session.
Who should attend
This workshop will be of benefit to anyone who is likely to be affected by the changes to be brought in by MiFIR Transaction Reporting, including senior management, legal, compliance and frontline employees, as well as those conducting assurance reviews from the 2nd or 3rd lines of defence.