Implementing the Markets in Financial Instruments Directive (MiFID)

A One Day Seminar organised
by the
Malta Financial
Services Authority
Purpose
Council Directive 2004/39/EC on Markets in Financial Instruments (MiFID) will replace the Investment Services Directive in April 2006. The MiFID forms part of the Financial Services Action Plan agenda to further develop the single market in financial services and will build on the groundwork of the ISD to continue developing an effectice ‘single passport’ allowing investment firms to operate across Europe.
The new Directive broadens the range of inveestment services for which authorisation is required while at the same time expanding the list of financial insttruments that may be traded on regulated markets and between investment firms. In the process it introduces rules on the provision of investment advice, conflicts of interest, standards for regulated markets and multilateral trading facilities and new rules for handling client orders.
The MiFID is a framework Directive – that is, the rules of this Directive will be further developed through Implementing Measures to be issued by the European Commission. The Committeee of European Securities Regulators (CESR) has been given the mandate by the Commission to provide technical advice on possible implementing measures which will eventually be issued by the Commission in the form of regulations and directives. CESR has submitted its advice on these two Mandates on 29 April, 2005. The implementation measures are currently classified under three pillars:
  • Intermediaries
  • Markets, and
  • Co-operation and enforcement
On the basis of the advice provided by CESR the Commission will adopt legislation to implement the MiFID.
The Malta Financial Services Authority has invited representatives from the Internal Market Directorate-General of the EU Commission and Committee of European Securities Regulators to participate in a one day industry seminar on the implementation of the MiFID. This one day seminar compliments the recent programme on Investment Services Regulation organised by the MFSA in conjunction with the IFS (Malta).
Further information on the MiFID and CESR advice may be found at under the heading “Publications and Events/Seminars”.
To register please fax the attached Registration Form on Fax number: 21441189 or email your details to . The registration fee is Lm15.00.
Enquires: Information Office, MFSA
Programme
Implementing the Markets in Financial Instruments Directive (MiFID)
Conference Hall, MFSA – Friday, 3rd June 2005
08.30 hrs / Registration
09.00 hrs / Opening Remarks / Prof J.V. Bannister, MFSA Chairman
09.15 hrs / The Market in Financial Instruments Directive – Overview and Objectives / Maria Velentza
Internal Market Directorate General,
European Commission
10.00 hrs / MiFID: General Implications for Maltese Firms / Dr Andre’ Camilleri
Director General, MFSA
10.30 hrs / Coffee Break
11.00 hrs / Regulatory Implications for Intermediaries – organisation, conflicts of interest, conduct of business rules, best execution / Carlo Comporti
CESR
Cristina Parlato Trigona
Director Securities Unit, MFSA
12.00 hrs / Panel Discussion led by a panel including Mr Carlo Comporti, CESR; Ms Cristina Parlato Trigona, MFSA; Mr Kenneth Farrugia, Malta Investment Management Association Chairman; and Mr Jesmond Mizzi, President of The Malta Investment Funds Association
Questions relating to this session will also be taken from the floor in the course of this discussion
12.30 hrs / Lunch
14.00 hrs / The Markets – trading, transparency and disclosure requirements / Carlo Comporti
CESR
Chris Buttigieg
Manager, Securities Unit, MFSA
15.00 hrs / Discussion led by a panel including Mr Carlo Comporti, CESR; Mr Chris Buttigieg, MFSA; Ms Eileen Muscat, General Manager, Malta Stock Exchange and Mr Wilfred Mallia, Chairman of the College of Stockbrokers
Questions relating to this session will also be taken from the floor in the course of this discussion
15.30 hrs / Coffee Break
16.00 hrs / Co-operation between competent authorities and exchange of information / Carlo Comporti
CESR
16.20 hrs / From MAD to MiFID –
co-operation and enforcement issues in the Maltese legal context / Dr David Fabri
Director Legal and International Relations Unit, MFSA
16.40 hrs / The way forward:
  • An outline of the main political issues
  • Timetable for adoption
  • Timetable for Implementation
/ Maria Velentza
Internal Market Directorate General,
European Commission
17.10 hrs / Concluding Comments
Who Should Attend
  • Specialists involved in the business activities of licence holders operating in the Securities and Investment Services Sector
  • Legal and Accountancy Practitioners advising investment firms

Registration

Implementing the Markets in Financial Instruments Directive (MiFID)
One Day Seminar
Friday, 3rd June 2005
MFSA Conference Hall

Mr Ms Other
Name ______Organisation ______
Address ______
Tel No ______Fax No ______
E-mail ______
Participation Fee: Lm 15 per participant
Closing Date: 31st May 2005 Early Reservations are Recommended
To register please fax the registration form on Fax no. 21441189 or email your details to