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

Date and Venue

Date: 30 October 2018
Time: 08.30 - 17.00

International Capital Market Association (ICMA) Limited

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 gives an overview of the new regulatory landscape for financial institutions in Europe. It puts the major European regulatory initiatives into the context of the global reforms agreed by the G20 and explains 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 continues to dominate 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 considers 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 is 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 is specifically not aimed at lawyers or compliance staff. The focus of the programme is the cross-border capital markets and the bias is towards practitioners working largely with institutional rather than retail clients.

The course provides a comprehensive overview of the major regulatory developments relevant to the market and considers recent case studies in the regulatory crackdown. It aims 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.

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: MiFID, and MiFID/R
  • 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
  • New Organisational Requirements
  • Enhanced Transparency
  • Market Structure - OTFs
  • Trade Reporting - APAs
  • Transaction Reporting - ARMs & FIRDS
  • Inducements & ‘Unbundling’
  • Product Governance
17.00 Summary and Close

Please note that this programme is subject to change.