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ICMA Workshop: European Regulation: An Introduction for Capital Market Practitioners

Date and Venue

Date: 6 June 2017
08.30 -17.00

International Capital Market Association (ICMA) Limited
23 College Hill

Event Overview

Capital Adequacy and Basel, CRD IV, MiFID, the Prospectus Directive, the Transparency Directive ... and many more

How much do you know about the new regulations that are already in force and impacting your daily work  in the capital market and the ones that are still in the pipeline?

How do the institutions of Europe work together to develop new regulation?

Against a background of far-reaching regulatory change ICMA’s one-day, fast-track course on European regulation for capital market practitioners gave an overview of the new regulatory landscape for financial institutions in  Europe. It put the major European regulatory initiatives into the context of the global reforms agreed by the G20 and explained the European legislative process, while taking a look at specific regulations affecting the capital framework of banks, investor protection and disclosure.

Global regulation of the banking industry and the wider financial services industry dominated the agenda as authorities introduce measures intended to prevent a future crisis, resulting in more extensive regulation of financial institutions and markets and greater emphasis on enforcement.

What areas will be covered

The course will consider the following broad themes:
  • Development of European regulation: How does Europe work? The legislative process. Treaties, regulations and Directives. The new European supervisory authorities, ESMA, EIOPA, EBA.  
  • Systemic risk: Capital Adequacy – Basel I, II and III
  • Integrity: Disclosure under the Prospectus Directive and Transparency Directives.  The Market Abuse Directive, insider dealing, market manipulation, conflicts of interest.
  • Investor protection: the Markets in Financial Instruments Directive, MiFID II and MiFIR – extended scope, new pre and post trade transparency requirements, treatment of third country firms.
Who should attend?

This course was aimed at sales people, traders, originators, syndicate personnel, and middle and back office staff who would benefit from a better understanding of the current regulatory landscape in the cross-border bond markets. It was specifically not aimed at lawyers or compliance staff. The focus of the programme was the cross-border capital markets and the bias is towards practitioners working largely with institutional rather than retail clients.

The course provided a comprehensive overview of the major regulatory developments relevant to the market and considered recent case studies in the regulatory crackdown. It aimed to give practitioners a keener understanding of the current regulatory environment, alerting them to areas of their own activities where the highest standards of integrity and professional business conduct must be maintained.

If you have any queries regarding this event please contact Natasha Lee.

Delegate Fees

ICMA Member: £350 + 20% VAT
Non Member: £650 + 20% VAT

Delegate fees are payable, in advance of the course start date, by credit card (Visa, MasterCard) or on receipt of an invoice.

08.30 Registration, Tea & Coffee

09.00 Presentations begin

Session 1: The New Regulatory Landscape
  • Why Regulation?
  • Global Reform
    • G20 vs. G8, FSB
    • IMF, Basel, IOSCO
  • European Reform
    • ESRB
    • EBA
    • EIOPA
    • ESMA
Session 2: Development of European Regulation
  • How Europe works
  • European Law
    • Treaties
    • Regulations
    • Directives
  • European Institutions
    • The Commission
    • The Parliament
    • The Council
  • The Legislative Process
    • Co-decision
    • The Trilogue
  • The Financial Services Action Plan (FSAP)
  • The Lamfalussy Process

Session 3: Systemic Risk
  • Capital Adequacy and Basel 1
  • Basel 2: Modernising and amending
  • Basel 3: Root & branch overhaul
    • The new capital framework
    • Liquidity: LCR and NSFR
    • Permitted capital instruments
    • Loss absorbency triggers & contingent capital
    • CRD IV and CRR 1
    • Resolution regimes
    • Bail-in
    • MREL
    • G-SIFIs
    • TLAC
    • EU Banking Union

Session 4: Integrity: Disclosure

  • The Prospectus Directive
    • Application
    • Exempt offers
    • Approval and the Passport
    • Prospectus Content & Requirements
    • Base Prospectus & final Terms
    • Validity and Supplements
    • Retail Summary
    • PD Amendments
    • Content of Final Terms
    • Issue specific summary
    • Proposed Regulation
  • The Transparency Directive
    • Application
    • Minimum disclosure requirements
    • Reporting requirements
    • Disclosure requirements
    • Information Dissemination and Storage

Session 5: Integrity: Honesty
  • The Market Abuse Directive
  • Insider dealing & UPSI
  • Disclosure requirements
    • Pre-sounding  
    • Wall crossing
    • Non-deal roadshows
  • Market manipulation
    • Principle types
    • Stabilisation
  • Conflicts of interest
    • Impartiality of investment research
  • Proposed MAR and CSMAD
    • New regulatory powers
    • Criminal sanctions
    • Benchmarks

Session 6: Protecting Investors (MiFID)
  • The Investment Services Directive
    • Concentration rule
  • MiFID
    • Investment services & ancillary services
    • Regulated Markets, MTFs and SIs
    • Rights and requirements of Investment Firms
    • Rights and requirements of Market operators
    • Market, clearing & settlement choice
    • Conflicts of interest
    • Client categorisation
    • KYC: Suitability & appropriateness
    • Best execution
    • Client order handling
    • Pre & post trade reporting
    • Managing client assets & money
    • Record keeping
    • Costs, fees transparency
    • Internal systems and controls
  • MiFIR & MiFID II proposals
    • Extended scope: Products and transparency requirements
    • New Trading Venue - OTF
    • Additional best execution requirements
    • Extended pre & post trade transparency requirements
    • Amended client categorization
    • Investment Advice & Civil liability
    • Treatment of third country firms
    • Product governance

17.00 Summary and Close

Please note that this programme is subject to change.

Register on-line for the ICMA Workshop: European Regulation: An Introduction for Capital Market Practitioners, being held in London on 6 June 2017

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Terms and Conditions

I understand that my reservation for the above course shall be accepted and confirmed if ICMA sends me a respective confirmation in writing within 3 business days from receipt of my payment. I also understand that if ICMA does not send me such confirmation within the specified period my reservation could not be considered and that the course fee will be refunded to me in full.


I agree that ICMA shall have the right to cancel courses and workshops at its own discretion for any reason (including e.g. if a sufficient minimum number of participants is not reached before the start date of the relevant course). In the event of such cancellation, the course fee will be refunded to me in full. I agree that ICMA shall not be liable for any expenses incurred by me, my employer, or anyone else on my behalf, due to the cancellation.

In case I want to cancel my reservation for this course I shall notify ICMA (attention Events Team) in writing without delay. I agree to the following cancellation fees being applied by ICMA:

until the 30th business day before the start date of the relevant course = 10%
from the 29th business day to the 15th business day before the start date of the relevant course = 50%
from the 14th business day to the last business day before the start date of the relevant course = 75%
on or after the start date of the relevant course = 100%

I agree that if I fail to attend this course no refund of the course fee shall take place.

I understand that substitutions can be made at no charge subject to the condition that ICMA (attention Events Team) is notified accordingly in writing and provided with the details of the substitute (see 1. above) not later than 48 hours before the relevant course commences.

I agree that ICMA and its affiliate entities may retain the information supplied on this form on a database and use it for the purpose of course and event administration, and, UNLESS I have ticked the relevant boxes above, to compile a delegate list (including my name and that of my employer) to be distributed at the event in hard copy or to other registered delegates in electronic form as well as for the purposes of advertising future courses and events and promoting ICMA.

Delegate Fees
ICMA Members: £350 + 20% VAT
Non-members: £650 + 20% VAT

*Accomodation is not included in the price and delegates must arrange their own accomodation.

Please tick here to agree to the terms and conditions