Exploring MiFID II Product Governance Regime

The Product Governance Regime has ‘gone live’ with the introduction of the Markets in Financial Instruments Directive Recast (MiFID II) from the 3rd of January 2018. This new regime aims to ensure that firm’s act in a client’s best interests, including funds and related management services, to end clients.

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 developments since implementation on the 3^rd of January 2018 and the organisational arrangements that firms will need to consider.

Training Objectives

This one workshop will provide delegates with an overview of the regulatory requirements and  impact assess what these requirements practically mean for firms UK firms impacted by the product governance regime. The workshop will explore the risks that firms will need to consider in order to maintain compliance with the requirements particularly during times of economic and political change.

Attending this workshop will enable you to:

• Clarify key regulatory principles that firms should review in relation to the product governance framework including governance; management oversight; roles & responsibilities; and process.
• State the product approval obligation on firms acting as manufacturers, distributors and intermediaries.
• State the practical considerations for investor protection including target market; fair value; customer needs; and terms and processes.
• Summarise the requirement to review products regularly to assess whether the product remains consistent with the needs of the target market of the product.
• Describe the National Competent Authorities (NCA’s) product intervention powers and consideration for complex and non-complex products.

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

This workshop will be of benefit to anyone who is likely to be affected by the changes to be brought in by MiFID II – Product Governance Regime, including senior management, legal, compliance, third line assurance functions and those employees at the coalface.