Participants will receive access to the recorded sessions of the course.
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Best Execution requirements under the Markets in Financial Instruments Directive (MiFID) II are designed to ensure investor protection during the execution of client orders. Specifically, Best Execution refers to an investment firm’s obligation to take all sufficient steps to obtain the best possible outcome for clients when executing or transmitting a client order, while considering the wider market conditions and characteristics of the relevant financial instrument.
The regulatory framework for Best Execution was first introduced under MiFID I (2007) and was significantly enhanced with MiFID II (2018), which imposed stricter transparency and monitoring obligations. Further refinements are anticipated with the upcoming implementation of MiFID III.
To comply with Best Execution requirements, investment firms must establish and implement effective policies and procedures that govern their execution practices. This includes developing an execution policy that specifies execution venues, execution factors, and the criteria for achieving best execution, providing transparent disclosures to clients, and conducting ongoing monitoring and review of order execution arrangements.
This course provides a comprehensive and practical overview of the Best Execution framework as required by CySEC’s regulatory regime. It covers key principles, obligations, and best practices for ensuring compliance with regulatory requirements. Participants will gain insights into key execution factors and how firms determine the most favourable execution for clients, order execution policy requirements, ongoing monitoring and review of obligations, latest regulatory updates related to MiFID III/MiFIR II developments. Through real-world case studies, participants will develop a practical understanding of Best Execution requirements and how to ensure compliance in their firms.
Training Objectives
- Understand the requirements deriving from Market in Financial Instruments Directive (MiFID II)
- Identify the key factors and criteria for achieving Best Execution
- Evaluate and select the most appropriate execution venues
- Implement and maintain robust monitoring practices
- Stay updated with the latest regulatory changes from MiFID III / MiFIR II
- Apply practical insights from case studies to improve execution strategies
Training Outline
Introduction to Best Execution
Overview of requirements and Regulatory Framework
- What is Best Execution?
- Applicable Law – Analysis and Explanation
- Overview of requirements for Best Execution
- Key changes under MiFID III / MiFID II
Application of Best Execution Requirements
- Best Execution applicability according to client categorisation, service offered, financial instruments
- Execution factors and relative importance
- Total Consideration
- Selection of execution venues/brokers
- Best Execution Criteria
- Specific client instructions
- Practical Examples
Order Execution Policy
- Content of the Order Execution Policy & customisation
- Information to clients and client consent
- Provisions of ESMA Technical Standards specifying the criteria for establishing an order execution policy
Monitoring and Assessing the Effectiveness of the Order Execution Policy
- Governance and oversight of best execution arrangements
- Review of policy and arrangements
- Managing conflicts of interest
- Reviews and audits
- Provisions of ESMA Technical Standards specifying the criteria for assessing the effectiveness of investment firms’ order execution policies
Key challenges in complying with MiFID Best Execution requirements
- Common pitfalls and how to avoid them
- Circular C343 – CySEC Thematic Review
Who Should Attend
The programme is ideal for:
- Employees and Executives of Investment Firms
- Compliance Officers and Front office professionals
- Internal Auditors
- Internal Lawyers
- External Auditors, Lawyers and Financial Consultants
- Dealing room seniors
Training Style
The training style is both training-focused, involving a combination of presentation and real-live examples, but also learner-focused, where participants are encouraged to raise questions, seek clarifications and share their opinions from their different perspectives and engage in an exchange of views and personal professional experiences.
CPD Recognition
This programme may be approved for up to 4 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
In-house Training
For groups within the same organisation, this course may be customized to meet any specific needs and delivered in-house.
Training Objectives
By the end of the programme, participants will be able to:
- Understand what the risk-based approach is
- Explore the FATF Guidance for the Risk-based approach for CAs and CASPs
- Describe the factors that need to be considered when conducting risk assessments
- Examine the licensing requirements of CASPs
- Explain what Customer Due Diligence (CDD) is and explore its appropriate implementation
- Discuss the travel rule
- Identify the main elements of an AML program
Training Outline
- Understanding the risk-based approach
- The FATF recommendations and the risk-based approach
- The FATF Guidance for the Risk-based approach for CAs and CASPs
- Risk Assessments
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- Business-wide risk assessments
- Individual customer risk assessments
- Licensing of CASPs
- CDD
- The AML programme
- The Travel rule
- Other considerations
Who Should Attend
This programme is ideal for:
- Compliance officers
- EU Lawyers
- Third-country lawyers
- Internal and external legal advisors
- IT Professionals (including Software Developers, Technology Strategy Leaders)
- Financial Advisors
- Executives and Senior Managers
- Blockchain technologists and developers
- Attorneys of the Republic
- Legal Services Professionals
- Graduate Lawyers, Junior Lawyers, Law Students and Researchers
- Legal Projects Managers
- Government Agencies
- HR Managers
- Corporate Administrators
- Strategy Managers
- Digital Transformation Heads, Officers and Team Members
- Innovation Leaders and members of Innovations labs
Training Style
The programme is designed to deliver key knowledge, via presentations, discussion, questions and answers. Participants will take away practical knowledge that can be transferred to their workplace.
CPD Recognition
This programme may be approved for up to 5 CPD units in AML and Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
For the CySEC requirements, CPD units attained from this course should not exceed the 50% of the total CPD Units of each individual.
This training course may be approved as an external activity under the new ACAMS recertification category ”non-ACAMS credits” for up to 5 CPD units. Eligibility criteria and CPD Units are verified directly by the Association of Anti-Money Laundering Specialists (ACAMS). To read more about the non-ACAMS credits policies and eligibility criteria please click here.
In-house Training
For groups within the same organisation, this course may be customized to meet any specific needs and delivered in-house.