Providing Financial Services to the European Clients:
For
banks and financial organizations of non- EEA countries
Directives and
Regulations of the European Union with
Extraterritorial Application
that affect banks and financial organizations of countries
outside the European Economic Area (EEA)
The European Economic Area (EEA)
- 30 countries, half billion people.The European
Economic Area consists of the 27 member states of the European
Union (EU) and three member states of European Free Trade
Association (EFTA) - Iceland, Norway and Liechtenstein.
The 30
countries (27 of the EU plus
Iceland,
Norway and Liechtenstein) are:
 Austria
.svg/22px-Flag_of_Belgium_(civil).svg.png) Belgium
 Bulgaria
 Cyprus
 Czech
Republic
 Denmark
 Estonia
 Finland
 France
 Germany
 Greece
 Hungary
 Iceland
 Ireland
 Italy
 Liechtenstein
 Latvia
 Lithuania
 Luxembourg
 Malta
 Netherlands
 Norway
 Poland
 Portugal
 Romania
 Slovakia
 Slovenia
 Spain
 Sweden
 United
Kingdom
Course Title
Providing Financial Services
to the European Clients:
For banks and financial
organizations of non- EEA countries
Directives and Regulations of the European Union with
Extraterritorial Application that affect banks and financial
organizations of countries outside the European Economic Area
(EEA)
Objectives, Target
Audience:
The course covers directives and regulations
of the European Union with important extraterritorial
application.
It is highly
recommended for all managers and professionals from
countries outside the European Economic Area (EEA) who provide,
or want to provide, financial services to the half billion of
citizens of the 30 countries of the European Economic Area
(EEA).
The course has been
designed to provide with the knowledge and skills needed
to understand the European Union’s directives and regulations
that give opportunities for regulatory arbitrage and competitive
advantage to banks, financial organizations, hedge funds,
collective investment firms and SIVs of countries outside the
European Economic Area.
Duration:
3 Days, 09:00 to 17:00.
Course Synopsis:
Introduction
Understanding the directives and the
regulations of the European Union that affect the countries
outside the European Economic Area (EEA)
The European
Union’s Financial Services Action Plan (FSAP)
The most
important directives
The Lamfalussy process
What
is new, what is different for banks and financial organizations
outside the European Economic Area
The Markets in Financial Instruments
Directive (MiFID)
From the Investment Services
Directive (ISD) to MiFID: What is different
From the
“know your customer” requirements to the new client
classification, suitability and appropriateness
Conduct
of Business (COB) obligations
The Regulation for National
Market System (Reg NMS) in the United States and the MiFID in EU
– a flat world?
MiFID and options, futures, swaps,
forward rate agreements, and other derivative contracts
Extraterritorial Application of MiFID
Challenges and
opportunities for countries outside the European Economic Area
MiFID and investment products authorized under different
regimes
Hedge Funds in the European Economic Area (EEA)
after MiFID
New challenges for Hedge Fund managers
MiFID and competitive advantage - Recommendations for banks
and financial organizations of the Offshore Financial Centers
Undertakings for Collective
Investment in Transferable Securities Directive (UCITS 3-5)
UCITS III and funds sold across the EU member states
Funds designed for pan-European distribution to retail
investors
A passport to operate and market freely within
the EEA that is easier to obtain (and cheaper)
Establishing a fund in one EEA member state like Ireland or
Luxembourg
Permitted Activities of Management Companies
EU Passport for Management Companies
Tax implications
of UCITS III
Expanded permissible asset classes and
broader scope of investment possibilities
Although not
directly applicable outside the EEA, jurisdictions (like
Switzerland and Hong Kong) recognize UCITS – the reasons
Funds of Funds
Opportunities and Challenges
The 8th Company Law Directive
The European Union’s Sarbanes-Oxley Act (E-SOX)
Non-European companies listed in any country of the EEA have to
comply with the 8th company law directive
Which are the
extremely important extraterritorial consequences
How and
why several Offshore Financial Centers enact legislation to
prove that they have an “equivalent level of regulation”
Auditors that audit offshore companies with EU listings
The Offshore Financial Centers and the importance of Articles 45
and 46
The role of the board of directors and executive
management
From the US Public Company Accounting
Oversight Board (PCAOB) to the European Group of Auditors’
Oversight Bodies (EGAOB)
Similarities and differences
with the US Sarbanes-Oxley Act
The Market Abuse Directive
The
Transparency Directive
The Financial Conglomerates Directive
The
“supplementary” supervision of credit institutions, insurance
undertakings and investment firms in a financial conglomerate
The supervision of financial conglomerates and financial
groups involved in cross-sectoral activities
The
“coordinating supervisor” or how to avoid a new BCCIRisk
concentration
Intra-group transactions
Firms that
are headquartered outside the EU, and are operating in EU
markets
The Joint Forum on Financial Conglomerates
What is important for the Offshore Financial Centers
Exchange of information with the EEA
Tomorrow
New directives and regulations – what
is next
Indirect and direct regulation of Hedge
Funds
Know your customer – next step
Solvency II is for insurance
firms what the Basel ii and the Capital Requirements Directive
is for banks
Insurers holding capital according to new
rulesReplacing many existing Insurance Directives (like the
Life, Non-life, Reinsurance, Insurance Groups and Winding-up
Directives)
The Internal market for financial services in
the European Union: The banking, the securities and the
insurance sectors in EU – what is next
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