European Institute of Management and Finance | Investor Protection Updates: MiFID II and PRIIPs
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Investor Protection Updates: MiFID II and PRIIPs

Investor Protection Updates: MiFID II and PRIIPs

 

MiFID II and PRIIPs include numerous provision on investor protection especially as far as retail investors are concerned. Emphasis is given mainly to the information to be provided to the client, to transparency requirements, to the efficient determination of the target market and the distribution of the investment products accordingly, to the suitability and appropriateness assessment of clients and to the best execution when executing client orders. For the purpose of product governance requirements, investment firms that create, develop, issue and/or design financial instruments, including when advising corporate issuers on the launch of new financial instruments, should be considered as manufacturers while investment firms that offer or sell financial instrument and services to clients should be considered distributors.

 

Furthermore, retail investors are increasingly offered a wide variety of packaged retail and insurance-based investment products (PRIIPs) when they consider making an investment. Some of these products provide specific investment solutions tailored to the needs of retail investors, are frequently combined with insurance coverage or can be complex and difficult to understand. Existing disclosures to retail investors for such 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. To prevent divergence, it is necessary to establish uniform rules on transparency at Union level which will apply to all participants in the PRIIPs market and thereby enhance investor protection. A regulation is necessary to ensure that a common standard for key information documents is established in a uniform fashion so as to be able to harmonise the format and the content of those documents. The directly applicable rules of a regulation should ensure that all those advising on, or selling, PRIIPs are subject to uniform requirements in relation to the provision of the key information document to retail investors.

 

 

The objective of this seminar is:

 

  • to present the investor protection rules according to MiFID II and PRIIPs, the relevant level 2 measures and the relevant guidelines f ESMA,
  • to present the new requirements on product governance,
  • to present the content of the KID according to PRIIPs,
  • to provide guidance concerning compliance with the new requirements

 

 

Seminar content

 

  • Categorisation of clients
  • Information to be provided to clients
  • Best execution
  • Manufacturing and distributing financial instruments
  • Product monitoring and intervention
  • Key Information Document
  • Enforcement

 

 

Who should attend

 

  • Legal advisors
  • Compliance officers

Any person who provides investment services