Learning outcomes:

By the end of the course delegates will be able to:
  Understand the structure of Global Financial Markets Regulation.
  Who are the Regulators and how Global Regulation is implemented at national level.
  Understand how Financial Services are changing as a direct result of Regulation.
  Understand why the banks have had to change the way they operate in the markets to service their customers.
  Understand how banks are evolving, and the rationale behind the banks new business models.

Global Financial Markets
  Defining our terms – capital market inter-relationships
  How finance is raised on the Global Markets – banking intermediation?

The Regulators
  Why regulation is critical
  The role of Regulators – SEC,FSA, BIS, IMF, OECD
  Who exactly are the BIS and how do they operate
  Regulation in the UK – FCA, PRA, the twin-peaks approach
  How banks interact with regulators and the intelligence services
  AML and KYC

Regulatory impact  Post Lehmans
  What happened to banks during the credit crunch and why?
  Post Lehmans – the US lead the way – Dodd Frank, SOX,FATCA
  The Volker Rule
  Regulatory arbitrage

Regulation – Global, EU and the UK
Banking - Basel
  Basel 1+11 – Regulatory Capital Requirements
o Operational risk and the 4 Pillars
  Basel 111 and CRD 1V – Bank Capital and Liquidity Directives

Basel Committee on Banking Supervision (BCBS)
  BCBS 219 – Fundamental Review pf the Trading Book (FRTB)
o Risk measurement: VaR to ES
o Standardised v Internal risk models
  BCBS 239 – Data governance and architecture
  BCBS 261 – Uncleared OTC swaps

Non-Basel:
EMIR: Central clearing in EU gets closer, swap reporting
  Swap migration
  Collateral Management
  Central Securities Depositary Regulation (CSDR)

EU Reporting
  Securities Financing Transaction Regulation (SFTR)
  Regulation on Energy Market Integrity and Transparency (REMIT)
  Financial Transaction Tax (FTT)

Banks and Asset Managers
Bank Ring- Fencing
  Volker/Vickers/Liikanen
o Are retail banks as dangerous as investment banks?
o The 3 objectives of ring-fencing
  HSBC vs Lloyds – the cost and consequence of ring-fencing

Senior Managers Regime (SMR)
  The Senior Managers Regime
  The Certification Regime
  The new Conduct Rules.
  The new wider extension by 2018.
o Duty of Responsibility clause
o Traders and HFT’s are to be impacted.

MiFID 11, MiFID/MiFIR
  Impacting European Financial Services
  Focus on Trading  - Multilateral Trading Facilities (MTF’s)
  ESMA and the regulatory framework
  UCITS V – Undertakings for the collective investment of transferable securities

AIFMD 1/ AIFMID 11 - Alternative Investment Fund Managers/Hedge Funds
  Regulate the Fund Manager not the Funds
  Passport to manage AIF’s

International Accounting Standards and Harmonization

Common Reporting Standards (CRS/OECD)

  Why is this necessary and how are the banks involved
  Public Sector Finance/Tax Gaps/Tax fraud
  Financial Reporting in the Private and Public Sector
o International Accounting Standards –  IAS, IFRS, GAAP, FATCA
o Automatic Exchange of Information (AEoI)
o Timeline for CRS

Capital Markets Union (EU)
o EU Regulatory Structure
o Key drivers – Growth, regulation, culture, competitiveness and timing
o A boost for investment banks

Timelines, objectives and discussion
o Regulatory heat-map (RAG)
o Why are US Investment banks outperforming European IB’s?
o What is the Future for Financial Services – function and innovation
o Why Information Technology is the key?

Course conclusion