MiFID II/MiFIR: Evolution and Revolution

Intermediate

• Key concepts of MiFID II and MIFIR: services, activities, instruments, players, markets.
• Links with sustainable finance
• Agency problems
• Inducements and independent investment advice
• Suitability and appropriateness test
• Product governance & product intervention
• Pre- and post-trade transparency regimes
• Monitoring and compliance duties for regulated markets, MTFs, OTFs
• Algorithmic and high-frequency trading
• Relationship with MAR
• Accessing financial market data and establishing the reasonable commercial basis
• Key regulatory actions towards DLT-based finance
• The impact of MiFID II on Crowdfunding
• Regime for Third-Country Firms: MiFID II/MiFIR and Brexit
• Enforcement practices in MiFID II: Public and private enforcement

After having completed this course, you will have:

• An extensive review of the legal changes and upcoming review of the MiFID II/MiFIR package, and its interplay with other pieces of EU financial regulation.
• An analytical overview of the contribution of the MiFID II/MiFIR regime to ensure the efficiency and transparency of financial markets.
• A good knowledge of relevant policy developments in Data, Crypto Assets and FinTech Regulation, as well as the impact of sustainable finance and Brexit.
• A critical approach to some issues raised in the regime and how to address them (e.g. agency problems, know your customer, independent investment advice)5. A solid assessment of the effectiveness and the consequences of some provisions (product governance and product intervention, transparency rules, market integrity processes).

Your progression in the course will require 15 hours to be completed.
The exact duration for participants depends on previous experience and time devoted to each activity, including optional activities.

• Your progression in the course will consist of access to self-paced material, including video lectures, video interviews, and practical exercises including quizzes, assignments and case studies.
• In addition, the course will feature a kick-off session and three live classes, which include group discussions and collective exercises, led by course directors and guest instructors.

• BA/MA degree in Law, Economics, Management, Political Science or equivalent degree or experience.
• A basic knowledge of financial markets regulation is required to follow this course.