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.
MiFID II/MiFIR which came into effect on 3 January 2018, is a new legislative framework which aims to strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent. MiFID II and MiFIR introduced new provisions to enhance controls around the prevention of market abuse and to increase transparency in markets.
Investment firms which execute transactions in financial instruments must report complete and accurate details of these transactions to the relevant competent authority under Article 26(1) of MiFIR. The current Transaction Reporting regime, as introduced under the Markets in Financial Instruments Regulation (MiFIR), built substantially on the previous Markets in Financial Instruments Directive (MiFID) regime by increasing the number and types of instruments in scope, tripling the number of data fields required and increasing the level of complexity.
Training Objectives
- Understand the Regulatory framework
- Know who, how, when and what needs to be reported
- Explain the importance of Transaction Reporting in the detection of Market Abuse
- Understand market Abuse with examples
- Challenges in MiFIR Reporting
- Elaborating technology to assist on the reporting obligation
Training Outline
Markets in Financial Instruments (MiFIR) – regulation (EU) no 600/2014
- Subject matter, Scope and Definitions
- Transparency for trading venues
- Transparency for systematic internalisers and investment firms trading OTC
- Transaction reporting
- Derivatives
- Supervisory measures on product intervention and positions
- Provision of services and performance of activities by third-country firms following an equivalence decision with or without a branch
- Delegated and Implementing acts
TOTV and ESMA opinion
- Meaning of TOTV
- ESMA’s opinion on OTC derivatives traded on a trading venue
FIRDS
Transaction reporting and detection of market abuse
- Brief explanation
- Examples of market abuse transactions
Elaborating technology to assist on the reporting
- The value of having a proper reporting system
- Monitoring the reporting
- Ensure correct reporting
- Ensuring that necessary updates are applied on time
- Getting the Compliance help and advice from your vendor
Who Should Attend
- Managers and Senior Managers in Investment Firms
- Compliance Officers
- Internal Auditors
- Internal Lawyers
- External Auditors, Lawyers and Financial Consultants
Industry Expert | Andreas Savoullis
Andreas is a Regulatory Analyst at MAP FinTech, a leading and award-winning regulatory technology provider for the financial services industry and member of the MAP S. Platis group.
Prior to joining MAP FinTech Andreas worked in the banking sector for several years, holding positions in the International as well as the Compliance department. In the last 7 years he is operating in the financial sector specializing in the Regulatory field and more specifically in regulatory reporting, monitoring, and other regulatory obligations. He is also a lecturer in the European Institute of Management and Finance (EIMF) providing seminars, for several regulatory obligations in the financial industry.
Andreas, holds CySEC advanced Certificate and has several publications in the RegTech Analyst, a leading intelligence platform for the global RegTech industry. He is also a Bachelor’s Degree holder in Business Administration from Piraeus University as well as an MBA from the University of Nicosia. He was also awarded with the professional Banking Certificate from the American Banking Association.
Training Style
This training is designed to provide participants with sufficient knowledge to understand how Transaction Reporting should be implemented, so that an organisation is in line with the regulatory requirement, the reporting mechanism is efficient and accurate, and all errors are corrected timely.
Throughout the training, participants will be able to understand how each of the transaction reporting fields should be populated so that a transaction report is submitted without any errors.
CPD Recognition
This programme may be approved for up to 5 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
