Financial Services and Compliance Programme

Transcription

1 MALTA INTERNATIONAL TRAINING CENTRE Financial Services and Compliance Programme 7 th October th July 2016 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 Financial Services and Compliance programme 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 and to be able to acquire the required formal knowledge. This programme would enable participants to be more effective 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 in 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 of age 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 Role of Financial Institutions Part II: Central Banking and Bank Regulation The European Central Bank Central Banks: a global perspective The conduct of the 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: Fundamentals 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 and the corresponding repercussions 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

5 Part 3: The Central Bank of Malta The role and functions of the Central Bank of Malta The Banking System in Malta ECB, ESCB and Euro system and the role of the CBM The Malta Stock Exchange The role and functions of the Malta Stock Exchange The legal and regulatory Framework Services of the Malta Stock Exchange 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 The rationale for regulation and supervision of banks also within the context in which such oversight is undertaken locally 1.4 The Single Supervisory Mechanism the paradigm shift and the role of the MFSA within the new framework for banking regulation and supervision 1.5 The Capital Requirements Regulation (CRR) and Capital Requirements Directive (CRD IV), and how these are reflected in the local banking regulatory and supervisory regime, namely the Banking Act and Banking Rules with particular emphasis on: Application requirements and authorisation processes Ongoing supervision, including prudential and financial reporting and monitoring of inter alia: o Capital requirements o Large exposures o Liquidity requirements 1.6 Leverage requirements 1.7 Introduction to the Banking Union with particular reference to the Banking Recovery and Resolution process 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, brokers or insurance managers

6 2.4 Criteria of fitness and properness 2.5 Information for policyholders 2.6 Schemes of operations relating to business of insurance to be carried on in the case of insurers 2.7 Separate management of long term business and general business 2.8 Qualifications of individuals who effectively direct business or manage the affairs of insurance companies, insurance agents, insurance managers or branches thereof 2.9 Commercial business which may be stated in the objects of companies acting as insurance agents and insurance brokers 2.10 Schemes of operations relating to business of insurance and other activities to be carried on in the case of insurance agents, insurance brokers and insurance managers 2.11 Monies held in a fiduciary capacity and Fidelity Bond requirements Business of insurance statements insurance principals and Insurance Intermediaries 2.13 Publicity given to notices to cease to carry on business of insurance 2.14 Insurance advertisements and other promotional activities 2.15 Appointment and changes of director, controller or senior manager 2.16 Authorisation to act as approved auditor 2.17 Close links 2.18 Legal expenses insurance 2.19 Assistance insurance 2.20 Business of affiliated insurance 2.21 Exercise of Passport Rights by European Insurance Undertakings Establishment and Services 2.22 Exercise of Passport Rights by Maltese Insurance Undertakings Establishment and Services 2.23 Insurers Internal Control 2.24 Prudential assessment of acquisitions and increase of holding in authorised companies 2.25 Complaints-Handling by Insurance Companies and Intermediaries 2.26 Preparatory Measures for Solvency II Implementation 2.27 Compliance Visits purpose, methodology etc. Part 3 PRINCIPLES OF INVESTMENT SERVICES SUPERVISION AND REGULATION (Elective) 3.1 The structure and role of the Malta Financial Services Authority 3.2 The main functions of the Malta Financial Services Authority 3.3 Introduction and Background 3.4 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 3.5 Overview of regulated activity falling under the Financial Markets Act and the regulatory objective for regulating such activity 3.6 The EU FSAP and its relevance to regulation of investment services within the EU 3.7 Overview of principal directives primarily MiFID, MAD and Prospectus Directive which were drawn up to implement the FSAP and their main objectives 3.8 The Fit and Proper Test; 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

7 3.13 Disclosure requirements (including conflicts of interest, fees, disclosure requirements for adverts and marketing material etc.) 3.14 Transparency requirements 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 and Financial Markets Act, seeks to ensure market integrity and investor protection 3.19 The Legal and Regulatory Framework for Collective Investment Schemes in Malta Introduction A Three-Tier System The Collective Investment Scheme Definition Permitted Legal Structures Contrasting Features Regulatory Classifications Service Providers The Role of the Custodians Risk Management Risk Spreading Requirements Permissible Assets Borrowing and Leverage Restrictions Risk Disclosures 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 3.22 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%. Suggested 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 Malta International Training Centre. 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 8 credits to be at Level 4 on the Malta Qualifications Framework (MQF) and on the European Qualifications Framework (EQF) for Lifelong Learning. Course Venue Malta International Training Centre, 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: Max to 12 sessions of 1.5hrs duration held once a week depending on the elective chosen. Sessions are held between hrs/1930hrs Exams are held in the morning between hrs. Organisers Malta International Training Centre

9 Fee 800 per participant; which includes tuition, 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 Wednesday between hrs Section A: International Modules Part I: Introduction to Financial Systems Wednesday 7 th October 2015 Part II: Central Banking and Bank Regulation Wednesday 14 th October 2015 Part III: The Financial Institutions Industry Wednesday 21 st October 2015 Part IV: Financial Markets Wednesday 28 th October 2015 Part IV: Financial Markets Wednesday 4 th November 2015 Part IV: Financial Markets Wednesday 11 th November 2015 Part V: Fundamentals of Financial Markets Wednesday 18 th November 2015 Part VI: Financial Institutions Management Wednesday 25 th November 2015 Part VII: Main Issues in Financial Systems and Financial Crises Wednesday 2 nd December 2015 Part VIII: The Spirit and Rationale for Regulation Wednesday 9 th December 2015 Section B: Rules and Regulation Part 1: Specific Rules and Regulations Financial Industry Rules Wednesday 6 th January 2016 Prevention of Money Laundering Wednesday 13 th January 2016 Prevention of Financial Market Abuse Wednesday 20 th January 2016 Fundamentals in Data Protection Wednesday 27 th January 2016 Business Ethics Wednesday 3 rd February 2016 Part 2: Corporate Governance and Taxation Principles of Company Law and Registration Wednesday 17 th February 2016 Principles of Corporate Governance Wednesday 24 th February 2016 Principles of Insolvency and Bankruptcy Wednesday 2 nd March 2016 Principles of Taxation related to Double Taxation Agreements Wednesday 9 th March 2016 Part 3: The Central Bank of Malta, the Malta Stock Exchange Wed 15 th & 23 rd March 2016 Section C: Electives Part 1 Principles of Banking Regulation (March May 2016) Part 2 Principles of Insurance Regulation (March June 2016) Part 3 Principles of Investment Services Regulation (March May 2016) EXAM 1: Section A & B Wednesday 20 th July 2016 EXAM 2: Section C Wednesday 27 th July 2016 Exam results will be dispatched by post on 14 th September 2016

11 Financial Services and Compliance Programme 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: 28 th September 2015 Intake Date: 6 th October 2015 Examination Date: 20 th & 27 th July 2016 Please tick the box if you WISH to be included in our database which is used solely for marketing purposes Signature: Date: Malta International Training Centre Suite 3 Level 1, TG Complex, Brewery Street, Mriehel BKR info@mitcentre.com / website : Telephone (00356) , Fax (00356) Vat Reg no Company no C5663 NCFHE Licence no 113 MITC is licensed by The National Commission for Further and Higher Education as a Further and Higher Education Institution, is a member of the MFSA Education Consultative Council and Board Member of the European Certification Body EFICERT