Diploma in Financial Services Operations and Compliance

Transcription

1 MALTA INTERNATIONAL TRAINING CENTRE Diploma in Financial Services Operations and Compliance 21 st October th July 2015 AL SERVICE OPERATIONS AND COMPLIANCE TG Complex, Suite 3 Level 1, Brewery Street, Mriehel BKR 3000 Tel: (00356) , Fax: (00356) info@mitcentre.com Website:

2 Objectives The Diploma in Financial Services Operations and Compliance will provide the right qualification in the pursuance of a successful career in Malta s financial services industry. It is relevant to people who are already working in the financial services sector intend to take up a career within this environment, complimenting their acquired specialised studies in various other disciplines wish to return to the financial services industry, to be able to acquire the required formal knowledge. This programme would enable participants to be more efficient in keeping accurate records, provide efficient administration, deliver excellent service and comply with local and EU law and regulation. Through such trained personnel, the finance industry in Malta would continue to flourish. Intended Participants The course is intended for the following categories of prospective participants: post A-level participants, who are seeking a career in financial services employees in the financial services sector who wish to build upon their on the job experience graduates in other disciplines, particularly accountancy and law who are looking to apply their expertise into financial services other practitioners wishing to add value to their expertise former employees wishing to return to work within the financial services sector Entry Requirements an A-level standard of education or full time employment or experience in the Financial Services Industry or 25 years or over A C.V. detailing qualification/experience will be required together with the application.

3 Course Units Section A: International Modules Part I: Introduction to Financial Systems Function of Financial Markets Structure of Financial Markets Internationalisation of Financial Markets Types of Financial Institutions Why do they exist Part II: Central Banking and Bank Regulation The European Central Bank Central Banks: a global perspective The conduct of monetary Policy Regulation of Financial Systems and Supervision Part III: The Financial Institutions Industry Banking and The Management of Financial Institutions Financial Regulation Banking Industry The mutual Fund Industry Insurance Companies and Pension Funds Investment Banks, Security Brokers and Dealers, and Venture Capital Firms Part IV: Fundamental of Financial Markets The Meaning of Interest rates and the role it has in valuation Efficient Market Hypothesis Part V: Financial Markets The Money Market The Bond Market The Stock Market The Mortgage Markets The foreign Exchange Market

4 Part VI: Financial Institutions Management Risks and Risk Management in Financial Institutions Derivatives and Hedging Part VII: Main Issues in Financial Systems and Financial Crises Why do Financial Crisis Occur? Why are they so Damaging to the Economy? Current Trends & issues in European banking Part VIII: The Spirit and Rationale for Regulation Coherence in a New International Financial Architecture Corruption Unfettered Discretion and Cronyism Excessive lending Transparency, Conflict of Interest, Standards and Legal Underpinning Section B: Rules and Regulation Part 1: Specific Rules and Regulations Financial Industry Rules: o Conflict of Interest o Advertising o Churning and Cherry Picking o Other specific rules Prevention of Money Laundering Prevention of Financial Market Abuse Fundamentals in Data Protection Business Ethics Part 2: Corporate Governance and Taxation Principles of Company Law and Registration Principles of Corporate Governance Principles of Insolvency and Bankruptcy Principles of Taxation related to Double Taxation Agreements Part 3: The Central Bank of Malta, the Malta Stock Exchange

5 Section C: Electives - to choose one from Part 1 Part 2 Part 3 Principles of Banking Regulation Principles of Insurance Regulation Principles of Investment Services Regulation Part 1: PRINCIPLES OF BANKING REGULATION AND COMPLIANCE (Elective) 1.1 The structure and role of the Malta Financial Services Authority 1.2 The main functions of the Malta Financial Services Authority 1.3 Application Procedures and Requirements for Authorisation of Licences for Banking Activities under the Banking Act Large Exposure of Credit Institutions Authorised under the Banking Act Own Funds of Credit Institutions Authorised under the Banking Act Solvency Ratio of Credit Institutions Authorised under the Banking Act Liquidity Requirements of Credit Institutions Authorised under the Banking Act Statutory Financial Information to be submitted by Credit Institutions under the Banking Act Publication of Audited Financial Statements of Credit Institutions Authorised under the Banking Act Capital Adequacy of Credit Institutions Authorised under the Banking Act Credit and Country Risk Provisioning of Credit Institutions Licensed under the Banking Act Supervision on a Consolidated Basis of Credit Institutions Authorised under the Banking Act Extension of the Applicability of the Arms Length Principle by Credit Institutions Authorised under the Banking Act 1994 Part 2 PRINCIPLES OF INSURANCE SUPERVISION AND REGULATION (Elective) 2.1 The structure and role of the Malta Financial Services Authority 2.2 The main functions of the Malta Financial Services Authority 2.3 Own funds of companies carrying on business of insurance or acting as insurance agents or insurance managers 2.4 Criteria of fitness and properness 2.5 Information for policyholders 2.6 Specified effective period with respect to certain contracts of long term business 2.7 Mutual Associations 2.8 Schemes of operations relating to business of insurance to be carried on in the case of insurers 2.9 Separate management of long term business and general business 2.10 Qualifications of individuals who effectively direct business or manage the affairs of insurance companies, insurance agents, insurance managers or branches thereof 2.11 Commercial business which may be stated in the objects of companies acting as insurance agents

6 2.12 Schemes of operations relating to business of insurance and other activities to be carried on in the case of insurance agents and insurance managers 2.13 Monies held in a fiduciary capacity 2.14 Business of insurance statements 2.15 Publicity given to notices to cease to carry on business in insurance 2.16 Insurance advertisements and other promotional activities 2.17 Appointment and changes of director, controller or senior manager 2.18 Zone of approved countries 2.19 Authorisation to act as approved auditor 2.20 Close links 2.21 Legal expenses insurance 2.22 Assistance insurance 2.23 Business of affiliated insurance 2.24 Exercise of Passport Rights by European Insurance Undertakings Establishment 2.25 Exercise of Passport Rights by European Insurance Undertakings Services 2.26 Exercise of Passport Rights by Maltese Insurance Undertakings Establishment 2.27 Exercise of Passport Rights by Maltese Insurance Undertakings Services 2.28 Export of Credit Insurance 2.29 Insurers Internal Control Part 3 PRINCIPLES OF INVESTMENT SERVICES SUPERVISION AND REGULATION (Elective) 3.1 Introduction and Background 3.2 The concept of financial regulation in general and the role of regulatory bodies, in particular, that of the MFSA together with the main objectives of regulation of financial services 3.3 Overview of the regulated activities falling under the scope of the Investment Services Act, 1994 and the rationale/ objectives behind the regulation of such activities 3.4 Overview of regulated activity falling under the Financial Markets Act and the regulatory objective for regulating such activity 3.5 The EU FSAP and its relevance to regulation of investment services within the EU 3.6 Overview of principal directives primarily MiFID, MAD and Prospectus Directive which were drawn up to implement the FSAP and their main objectives 3.7 The Fit and Proper Test 3.8 What it consists of; to whom it applies; the rationale behind this test 3.9 Powers of the MFSA and requirements pertaining to the fit and proper test 3.10 Relevant MIFID requirements 3.11 The Objectives of Prudential Regulation and the CRD requirements for Investment Firms 3.12 Conduct of Business Rules as a means of Investor Protection aim to ensure investors can make informed choices 3.13 Disclosure requirements (including conflicts of interest, fees, disclosure requirements for adverts and marketing material etc.) 3.14 Transparency requirements

7 3.15 Best-execution requirements 3.16 Rationale for differentiating between the private customer, professional customer and eligible counterparties in terms of MIFID and the implications in so far as conduct of business rules are concerned 3.17 Regulatory Framework aimed at protecting investors money and assets entrusted to investment services licence holders The ISA (Control of Assets) Regulations Internal controls expected of investment firms The Investor Compensation Scheme Regulations 3.18 How regulation in terms of the Prevention of Financial Markets Abuse Act as well as the Financial Markets Act, seeks to ensure market integrity and investor protection 3.19 Regulation of Retail Funds (UCITS & non-ucits) versus Regulation of Professional Investor Funds he role of the Custodian Risk-spreading requirements Borrowing and Leverage Restrictions Permissible assets Risk disclosures The scope behind the Simplified Prospectus requirement of the UCITS Directive 3.20 Compliance Visits purpose, methodology etc The Passporting Provisions of the MIFID, UCITS Directive and Prospectus Directive focusing on the respective obligations of the Home State and Host

8 Course Assessment 1. The assessment on this programme will consist of two examinations each of 2 hours duration. The first exam will comprise of 10 compulsory questions covering sections A and B carrying 70% of the final mark and the second exam will comprise of 8 compulsory questions covering Section C carrying 30% of the final mark. 2. The pass mark is set at 55% and the decision of the MITC Examination Board is final. Reading List Financial Markets and Institutions 7th Edition Frederic S. Mishkin and Stanley G.Eakins - Pearson Global Edition A Law Based Financial Services Architecture (Pearson) from Agenda Bookshop at University - Dr. Consiglio and Dr. Grima Certification and Recognition The Diploma will be issued by the and recognised by the Malta Financial Services Authority. Possession of such a Diploma will be taken into positive consideration by the MFSA when determining levels of competence of staff employed by institutions licenced to operate within the financial services sector. Level within the National and European Qualifications Framework The Malta Qualifications Council deems this CPD Award of 30 credits to be at Level 4 on the Malta Qualifications Framework (MQF) and on the European Qualifications Framework (EQF) for Lifelong Learning. Course Venue, TG Complex, Suite 3 Level 1, Brewery Street, Mriehel BKR 3000 Duration Section A & B: 18 sessions each of 2hrs duration held once a week. Section C: From 7 to 12 sessions of 2hrs duration held once a week depending on the elective chosen. Sessions are held between hrs Exams are held in the morning between hrs.

9 Organisers Fee 800 per participant; which includes tuition, books, notes and hand outs, examination and certification. Discounts and Cancellation Policy Companies effecting group bookings (four or more participants) are entitled to apply for a 10% corporate discount. A 25% cancellation fee is applicable for cancellations received within 15 days of the start of the programme. Terms of Payment In full upon registration prior to the commencement of the programme.

10 Programme Schedule Every Tuesday between hrs Section A: International Modules Part I: Introduction to Financial Systems Tuesday 21 st October 2014 Part II: Central Banking and Bank Regulation Tuesday 28 th October 2014 Part III: The Financial Institutions Industry Tuesday 4 th November 2014 Part IV: Fundamental of Financial Markets Tuesday 11 th November 2014 Part V: Financial Markets Tuesday 18 th November 2014 Part VI: Financial Institutions Management Tuesday 25 th November 2014 Part VII: Main Issues in Financial Systems and Financial Crises Tuesday 2 nd December 2014 Part VIII: The Spirit and Rationale for Regulation Tuesday 9 th December 2014 Section B: Rules and Regulation Part 1: Specific Rules and Regulations Financial Industry Rules Tuesday 6 th January 2015 Prevention of Money Laundering Tuesday 13 th January 2015 Prevention of Financial Market Abuse Tuesday 21 st January 2015 Fundamentals in Data Protection Tuesday 27 th January 2015 Business Ethics Tuesday 3 rd February 2015 Part 2: Corporate Governance and Taxation Principles of Company Law and Registration Tuesday 17 th February 2015 Principles of Corporate Governance Tuesday 24 th February 2015 Principles of Insolvency and Bankruptcy Tuesday 3 rd March 2015 Principles of Taxation related to Double Taxation Agreements Tuesday 10 th March 2015 Part 3: The Central Bank of Malta, the Malta Stock Exchange Tuesday 17 th & 24 th March 2015 Section C: Electives Part 1 Principles of Banking Regulation (April May 2015) Part 2 Principles of Insurance Regulation (April June 2015) Part 3 Principles of Investment Services Regulation (April May 2015) EXAM 1: Section A & B Wednesday 22 nd July 2015 EXAM 2: Section C Wednesday 28 th July 2015 Exam results will be submitted by post on 11 th September 2015

11 Diploma in Financial Services Operations and Compliance Application Form Participant Details Name: Address: Mobile No.: Date of Birth: Sponsor Details Company Name: Company Address: Tel. No.: Fax No.: Fee: 800 per participant Important Deadlines Applications and CV to be received by: 1 st October 2014 Intake Date: 21 st October 2014 Examination Date: 22 nd and 28 th July 2015 Please tick the box if you WISH to be included in our database which is used solely for marketing purposes Signature: Date: