The Product Governance Regime went live for firms with the introduction, on the 3rd of January 2018, of the Markets in Financial Instruments Directive Recast (MiFID II). The regime is designed to ensure that when a firm manufactures or distributes regulated financial services and products, it has arrangements in place to understand the products and ensure they are only sold to investors and clients for which they are likely to be deemed suitable. The new requirements will apply to “services” as well as “products”, for all client types and to all distributors in the sales chain.
The product governance requirements ensure that firms, which manufacture and distribute financial instruments and products, act in the clients’ best interests during all stages of the life-cycle. This workshop examines the organisational arrangements that firms will need to consider.
Training Objectives
By the end of the programme, participants will be able to:
Training Outline
The Overarching Product Governance Principles
This session looks at the overarching principles and requirements of the Product Governance regime to act in a client’s best interests, including funds and related management services, to end clients.
A High–Level Review of the Requirements
The product governance regime places responsibilities on manufacturers’, distributors and intermediaries of financial products and services. There are detailed requirements in relation to target market specifications, management oversight and distributors obligations.
A manufacture is a firm which creates, issues and/or designs investments, including when advising corporate issuers on the launch of new investments. This session examines the regulatory and operational impact for market participants.
Overarching Firm Responsibilities
The product governance requirements state that systems and controls to be put in place to design, approve, market and manage products throughout the product’s lifecycle to ensure that they meet legal and regulatory requirements. This session examines some of the challenges firms will face while implementing this new regime.
Training Style
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 organisation, either confidentially or in open session.
Who Should Attend
Management, compliance and administration professionals whose companies are regulated by CySEC, particularly senior management, legal, compliance, internal audit and those front-line employees.