MiFID Regulation Course

Lesson 1 • Core Principles Underpinning MiFID

Introduces overarching principles such as transparency, fairness, and investor protection. Provides the interpretive lens for all subsequent regulatory requirements.

Lesson 2 • Evolution from MiFID I to MiFID II

Traces key amendments and expansions introduced in the revised directive. Highlights structural changes that reshaped firm obligations.

Lesson 3 • Key Regulatory Bodies and Roles

Identifies supervisory authorities and their enforcement powers. Clarifies the relationship between national and supranational oversight.

Lesson 4 • Scope of Application

Defines which firms, instruments, and services fall under MiFID. Enables professionals to determine whether their activities trigger compliance requirements.

Lesson 1 • Per Se vs. Elective Professional Clients

Distinguishes automatically qualifying professionals from those requiring assessment. Ensures correct application of the elective upgrade process.

Lesson 2 • Client Re-categorization Procedures

Covers the process for clients requesting higher or lower protection levels. Links re-categorization to updated suitability and disclosure obligations.

Lesson 3 • Protections Linked to Each Category

Maps specific regulatory protections to each client tier. Demonstrates how classification directly drives conduct and disclosure obligations.

Lesson 1 • Conflicts of Interest Management

Identifies how conflicts arise and the steps required to manage or disclose them. Connects conflict management to the overarching best interest standard.

Lesson 2 • Inducements and Remuneration Rules

Covers restrictions on third-party payments and the independent advice prohibition. Enables professionals to structure compliant fee and commission arrangements.

Lesson 3 • Information and Disclosure Requirements

Details mandatory pre-sale and ongoing disclosures to clients. Ensures professionals produce compliant, timely, and accurate client communications.

Lesson 4 • Appropriateness Assessment

Explains the lighter-touch test applied to non-advised services. Distinguishes appropriateness from suitability in practical scenarios.

Lesson 1 • Execution Factors and Criteria

Identifies the factors firms must weigh when executing orders. Explains how relative importance is determined by client type and order characteristics.

Lesson 2 • Monitoring and Reporting Best Execution

Covers ongoing monitoring obligations and annual public reporting requirements. Enables firms to demonstrate compliance through data-driven evidence.

Lesson 3 • Execution Policy Design

Guides construction of a compliant order execution policy. Links policy content to disclosure and client consent requirements.

Lesson 1 • Post-Trade Transparency Requirements

Details trade reporting obligations after execution. Ensures professionals understand timing, content, and publication channel requirements.

Lesson 2 • Pre-Trade Transparency Requirements

Covers mandatory quote and order publication before trade execution. Distinguishes requirements across regulated markets, multilateral facilities, and systematic internalizers.

Lesson 3 • Trading Venue Landscape

Maps the regulated market, multilateral trading facility, and organized trading facility categories. Clarifies how venue type affects applicable transparency rules.

Lesson 4 • Systematic Internalizer Regime

Explains the threshold-based classification and resulting obligations for systematic internalizers. Connects SI status to pre-trade quote and client access rules.

Lesson 1 • Record-Keeping Obligations

Details the types of records firms must retain and the required retention periods. Connects record-keeping to supervisory access and audit trail requirements.

Lesson 2 • Reporting Mechanisms and Channels

Covers approved reporting mechanisms and delegation arrangements. Ensures professionals select compliant submission channels and manage delegation risk.

Lesson 3 • Report Content and Data Fields

Details the mandatory data fields in a transaction report. Enables professionals to map internal data to regulatory reporting requirements.

Lesson 4 • Transaction Reporting Fundamentals

Introduces the purpose, scope, and legal basis of transaction reporting. Establishes who must report, what must be reported, and to whom.

Lesson 1 • Product Review and Monitoring

Details ongoing product monitoring obligations for manufacturers and distributors. Ensures professionals identify and act on product performance issues.

Lesson 2 • Target Market Assessment

Covers the five-criteria target market framework for manufacturers. Enables professionals to define positive and negative target markets accurately.

Lesson 3 • Product Governance Framework Overview

Introduces manufacturer and distributor roles and their respective obligations. Establishes the lifecycle approach to product oversight under MiFID.

Lesson 1 • Position Limits and Commodity Derivatives

Introduces position limit regimes for commodity derivatives and related reporting. Connects position management to market integrity objectives.

Lesson 2 • Building a MiFID Compliance Program

Synthesizes all prior chapters into an integrated compliance program design. Professionals apply a risk-based approach to prioritize and implement controls.

Lesson 3 • Compliance Function Requirements

Details the organizational requirements for an effective compliance function. Ensures professionals understand independence, resources, and reporting obligations.

Lesson 4 • Market Abuse Regulation Interface

Explains how market abuse rules interact with MiFID obligations. Covers insider dealing, market manipulation, and suspicious transaction reporting.