Regulation

About the Course

The learning objectives for this programme are:

  • Mastering the background of why MiFID was implemented;
  • Understanding why it was updated and MiFID2 plus MiFIR were developed;
  • Mastering the directives and regulation, and what it aims for;
  • Understanding what is practically required by trading organisation in the sense of processes, operations and IT;
  • Being able to indicate the implications for energy companies

Course Contents

Level 1 legislation – MiFID II & MiFIR

  • About directive 2014/65/EU and regulation no. 600/2014
  • Including the background: G-20 meeting in Pittsburg, 2009

Level 2 legislation – RTSs & ITSs

  • About secundary legislation
  • The role of ESMA, EC, Parliament and Council

Level 3 measures – Guidance & more

  • About the development of guidelines and other documentation
  • Including Q&A, FAQ and manuals

Scope & Financial instruments

  • Concerning the definition of financial instruments
  • Including EUAs
  • Covering Regulated Markets, MTFs and OTFs

Ancillary services test

  • About the interpretation of ‘ancillary’ as well as ‘hedging’
  • Covering RTS 20 (regulatory technical standard, doc.no. 20)

Consequences for energy companies

  • Re the consequences for energy traders that have to comply
  • Covering organizational requirements and operations

Position limits

  • About RTS 21 (regulatory technical standard, doc.no. 21)
  • Covering the limits that have to be applied & the relevant criteria

Transparency

  • Covering pre-trade & post-trade transparency
  • Concerning best price execution

Capital requirements

  • About the Basel accords and Basel 3
  • Covering the capital requirements directive, version 4 (CRD IV)

Reporting

  • Regarding trade reporting, transaction reporting and position reporting

Exam & Certification


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