The countdown to MiFID II: Compliant Operations with Minimum Costs & Risks
Five years in the making, the replacement for the European Union’s original and current MiFID (2007) consists of a regulation (MiFIR) and a gigantic new directive, MiFID II, which comes into force on 3rd January 2018. There will be no transitional period; wealth management firms will have to comply on day one. ‘Brexit’ cannot happen before that date and the new package will therefore apply to the UK in its entirety, along with the inevitable regulatory ‘gold plating’ for which the UK is famous throughout Europe.
MiFID II aims to impose an inducement ban which the FCA plans to extend to restricted advice as well as independent advice. Onerous dealing commission rules are coming into place and, in the UK, might well be extended to MiFID-exempt firms that manage collective investment schemes. Product governance rules demand that every firm must assess the target market and risks that might surround its new products. Other new rules govern client categorisation, investment research, disclosures for professional clients and eligible counterparties, suitability and the scope of derivative contracts. Firms will have to carry out MiFID II’s ‘appropriateness’ test for a wider range of products than at present.
This event will bring together investment firms, private banks, lawyers and technology experts to help wealth managers assess which system developments will be most beneficial in preparation for the launch of MiFID II, from data storage to client communications, and how to safeguard their firms and mitigate potential reputational damage.
Topics for discussion will include:
• Evidencing best execution
• Transaction monitoring and reporting
• Communication records in a world of “omni-channel”
• Disclosure of costs and performance reporting
• Client segmentation and sales tracking
• Investor protection, notably on safeguarding of clients’ funds and financial instruments
• Conduct of business obligations in the provision of investment services
• Organisational requirements for investment firms
• Data reporting service providers
• Pre-trade transparency for package transactions
• Transparency for securities financing transactions
Who should attend?
Chief Operating Officers, Operational Risk Officers, Heads of Compliance, Compliance Officers, Discretionary Funds Managers, Investment Managers, Heads of Financial Planning, Heads of Advisory Compliance, Independent Financial Advisors, Asset/Wealth Management Consultants, MiFID II Programme Managers, IT Managers
8:30am Registration and refreshments
9:00am Summit Welcome
9:00am Keynote Address
9:20am Panel 1: Preparing for Mifid II Changes
10:15am: Refreshments & morning break
11:00am Panel 2: Insights into the Best Execution
12:00am Panel 3: Transparency Requirements & Impact Across Research, Reporting and Marketing
1:00pm Closing Keynote
1:15pm Lunch and networking refreshments
2:00pm Summit Close
Date and TimeDate: Wednesday 24th May • 2017
Time: 8:00 am – 2:00 pm
TBC - London
Address: London, EC2Y 9HT
Stephen Hanks worked on the original negotiations on MiFID whilst at HM Treasury. He then joined the FCA’s predecessor organisation at the end of 2006 since when he has worked mainly on wholesale markets issues, including sitting on a number of ESMA task forces and working groups. Stephen co-ordinated the FCA’s work on the negotiations on the revised MiFID II framework legislation and is now involved in the FCA’s work on implementation.’