ΠΕΡΙΓΡΑΦΗ

Best Execution requirements under the Markets in Financial Instruments Directive (MiFID) II are designed to ensure investor protection during the execution of client orders. Specifically, Best Execution refers to an investment firm’s obligation to take all sufficient steps to obtain the best possible outcome for clients when executing or transmitting a client order, while considering the wider market conditions and characteristics of the relevant financial instrument. 

The regulatory framework for Best Execution was first introduced under MiFID I (2007) and was significantly enhanced with MiFID II (2018), which imposed stricter transparency and monitoring obligations. Further refinements are anticipated with the upcoming implementation of MiFID III. 

To comply with Best Execution requirements, investment firms must establish and implement effective policies and procedures that govern their execution practices. This includes developing an execution policy that specifies execution venues, execution factors, and the criteria for achieving best execution, providing transparent disclosures to clients, and conducting ongoing monitoring and review of order execution arrangements. 

This course provides a comprehensive and practical overview of the Best Execution framework as required by CySEC’s regulatory regime. It covers key principles, obligations, and best practices for ensuring compliance with regulatory requirements. Participants will gain insights into key execution factors and how firms determine the most favourable execution for clients, order execution policy requirements, ongoing monitoring and review of obligations, latest regulatory updates related to MiFID III/MiFIR II developments. Through real-world case studies, participants will develop a practical understanding of Best Execution requirements and how to ensure compliance in their firms.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

• Understand the requirements deriving from Market in Financial Instruments Directive (MiFID II)
• Identify the key factors and criteria for achieving Best Execution
• Evaluate and select the most appropriate execution venues
• Implement and maintain robust monitoring practices
• Stay updated with the latest regulatory changes from MiFID III / MiFIR II
• Apply practical insights from case studies to improve execution strategies

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

The programme is ideal for:

• Employees and Executives of Investment Firms
• Compliance Officers and Front office professionals
• Internal Auditors
• Internal Lawyers
• External Auditors, Lawyers and Financial Consultants
• Dealing room seniors

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Training Outline 

Introduction to Best Execution 

Overview of requirements and Regulatory Framework

• What is Best Execution?
• Applicable Law – Analysis and Explanation
• Overview of requirements for Best Execution
• Key changes under MiFID III / MiFID II 

Application of Best Execution Requirements

• Best Execution applicability according to client categorisation, service offered, financial instruments
• Execution factors and relative importance
• Total Consideration
• Selection of execution venues/brokers
• Best Execution Criteria
• Specific client instructions
• Practical Examples 

Order Execution Policy

• Content of the Order Execution Policy & customisation
• Information to clients and client consent
• Provisions of ESMA Technical Standards specifying the criteria for establishing an order execution policy 

Monitoring and Assessing the Effectiveness of the Order Execution Policy

• Governance and oversight of best execution arrangements
• Review of policy and arrangements
• Managing conflicts of interest
• Reviews and audits
• Provisions of ESMA Technical Standards specifying the criteria for assessing the effectiveness of investment firms’ order execution policies 

Key challenges in complying with MiFID Best Execution requirements

• Common pitfalls and how to avoid them
• Circular C343 – CySEC Thematic Review

Training Style 

The training style is both training-focused, involving a combination of presentation and real-live examples, but also learner-focused, where participants are encouraged to raise questions, seek clarifications and share their opinions from their different perspectives and engage in an exchange of views and personal professional experiences. 

CPD Recognition 

This programme may be approved for up to 4 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.