ΠΕΡΙΓΡΑΦΗ

The EIMF Live Online Learning Experience

EIMF subject-matter experts deliver engaging and interactive courses across a broad spectrum of areas, that can be enjoyed in the comfort of your own chosen environment. 

Course Overview

Product governance is probably the most important new subject area for financial services professionals in the EU. It finally entered the regulatory vocabulary at European level with the implementation of MiFID 2, closely followed by that of the Insurance Distribution Directive’s own provisions on the subject.  ESMA has already intervened in the marketing and promotion to retail customers of binary options and contracts for differences and Cyprus and other European countries have responded to the ending of the ESMA measures by implementing their own version of this in autumn 2019.  

MiFID 2 and IDD product governance has two distinct parts. Firstly, the structures that firms need to be able to deliver effective product governance, the “arrangements” and “procedures” required both to launch and review products. These include looking at the composition of product governance committees and the role of both compliance and senior management. With this comes some core risk management activities and approaches, designed to ensure that the committee or arrangement performs its functions in the right way.  

Secondly, there are a series of tasks which manufacturers and distributors have to perform as part of product governance generally and the creation and review of products in particular. Identifying target markets, designing the product, testing it, deciding how to distribute it and selecting who is going to do the work are all part of the governance process. Manufacturers and distributors perform different roles here and this course explores those differences.  

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

By the end of the programme, participants will be able to:

1. Understand the key MiFID and MiFID-related provisions on product governance
2. Appreciate the goals of product governance and the risks of not achieving them
3. Identify strengths and weaknesses in product governance structures
4. Identify the positive and negative target markets of investment products and services
5. Piece together the key elements in designing a product or service
6. Determine the types of distribution that would not be suitable for certain types of products
7. Gather key management information about the success or otherwise of the governance process

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

The programme is ideal for:

• Product governance specialists
• Compliance officers and managers 
• Product technicians 
• Risk managers 
• Board directors and chief executives 

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Training Outline

Product governance under MiFID and IDD 

• The background and objectives of product governance regulation 
• Defining manufacturer and distributor 
• National and EU product intervention powers 
• Locating the relevant EU requirements 

• The product governance arrangements 
• The constitution and role of the product governance arrangements 
• The work of product governance generally  
• The roles of Compliance and Senior Management 
• The different types of reviews and monitoring required 
• Tasks 
• Identifying target markets 
• Product design 
• Product testing 
• Specific duties of distributors 
• Selecting distribution strategies and distributors 
• Monitoring distributors 
• Reviews and how to deal with their conclusions 

Training Style

The training style is interactive involving a combination of discussions and presentation, group work and case studies (taken from real-live examples).  

Participants are encouraged to share their opinions from their different perspectives. The trainer, Adam Samuel is a UK-based complaints and compliance expert. He brings to our courses his experience and knowledge of the UK and the subject-area generally as well as an unquenchable enthusiasm for learning how the rest of Europe and in particular Cyprus handles things. He brings to every course a string of practical examples and welcomes people bringing along their case studies and examples. 

CPD Recognition

This programme may be approved for up to 15 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

Trainer

Adam Samuel

Adam Samuel is a lawyer qualified in the UK and the USA. Since 1996, Adam has run his own training and consulting business, helping out regulators in three continents on customer-facing issues. He has the qualifications required of financial, mortgage and equity release advisers and the UK CISI compliance diploma.

Adam wrote the only book on consumer financial services complaint handling in the UK and a guide to the SFC Code for Intermediaries in Hong Kong. The Gibraltar Supreme Court followed his expert evidence in van Geens v. Jyske Bank on product risk, compliance and advice standards around the world. Adam has broadcast on a number of BBC domestic and World Service programmes, including the national news, on financial services compliance and banking issues