Providing Financial Services to the European Clients - A course from Compliance LLC

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) September 10, 2008 -- Compliance LLC, a leading provider of risk and compliance training, executive coaching and consulting in 36 countries, has launched a new course:

Course Title
Providing Financial Services to the European Clients:
For banks and financial organizations of non- EEA countries
3 days
Directives and Regulations of the European Union with Extraterritorial Application that affect banks and financial organizations of countries outside the European Economic Area (EEA)

Objectives, Target Audience:

The course covers directives and regulations of the European Union with important extraterritorial application. It is highly recommended for all managers and professionals from countries outside the European Economic Area (EEA) who provide, or want to provide, financial services to the half billion of citizens of the 30 countries of the European Economic Area (EEA).

The course has been designed to provide with the knowledge and skills needed to understand the European Union’s directives and regulations that give opportunities for regulatory arbitrage and competitive advantage to banks, financial organizations, hedge funds, collective investment firms and SIVs of countries outside the European Economic Area.

Duration:

3 Days, 09:00 to 17:00.

Course Synopsis:

Introduction
Understanding the directives and the regulations of the European Union that affect the countries outside the European Economic Area (EEA)
The European Union’s Financial Services Action Plan (FSAP)
The most important directives
The Lamfalussy process
What is new, what is different for banks and financial organizations outside the European Economic Area

The Markets in Financial Instruments Directive (MiFID)
From the Investment Services Directive (ISD) to MiFID: What is different now
From the “know your customer” requirements to the new client classification, suitability and appropriateness
Conduct of Business (COB) obligations
The Regulation for National Market System (Reg NMS) in the United States and the MiFID in EU – a flat world?
MiFID and options, futures, swaps, forward rate agreements, and other derivative contracts
Extraterritorial Application of MiFID
Challenges and opportunities for countries outside the European Economic Area

MiFID and investment products authorized under different regimes
Hedge Funds in the European Economic Area (EEA) after MiFID
New challenges for Hedge Fund managers
MiFID and competitive advantage - Recommendations for banks and financial organizations of the Offshore Financial Centers


Undertakings for Collective Investment in Transferable Securities Directive (UCITS III)
UCITS III and funds sold across the EU member states
Funds designed for pan-European distribution to retail investors
A passport to operate and market freely within the EEA that is easier to obtain (and cheaper)

Establishing a fund in one EEA member state like Ireland or Luxembourg
Permitted Activities of Management Companies
EU Passport for Management Companies
Tax implications of UCITS III
Expanded permissible asset classes and broader scope of investment possibilities
Although not directly applicable outside the EEA, jurisdictions (like Switzerland and Hong Kong) recognize UCITS – the reasons
Funds of Funds
Opportunities and Challenges


The 8th Company Law Directive
The European Union’s Sarbanes-Oxley Act (E-SOX)

Non-European companies listed in any country of the EEA have to comply with the 8th company law directive
Which are the extremely important extraterritorial consequences
How and why several Offshore Financial Centers enact legislation to prove that they have an “equivalent level of regulation”
Auditors that audit offshore companies with EU listings
The Offshore Financial Centers and the importance of Articles 45 and 46
The role of the board of directors and executive management
From the US Public Company Accounting Oversight Board (PCAOB) to the European Group of Auditors’ Oversight Bodies (EGAOB)

Similarities and differences with the US Sarbanes-Oxley Act
The Market Abuse Directive
The Transparency Directive


The Financial Conglomerates Directive
The “supplementary” supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate
The supervision of financial conglomerates and financial groups involved in cross-sectoral activities
The “coordinating supervisor” or how to avoid a new BCCI
Risk concentration
Intra-group transactions
Firms that are headquartered outside the EU, and are operating in EU markets

The Joint Forum on Financial Conglomerates
What is important for the Offshore Financial Centers
Exchange of information with the EEA


Tomorrow
New directives and regulations – what is developing
Indirect and direct regulation of Hedge Funds
Know your customer – next step
Solvency II is for insurance firms what the Basel ii and the Capital Requirements Directive is for banks
Insurers holding capital according to new rules
Replacing many existing Insurance Directives (like the Life, Non-life, Reinsurance, Insurance Groups and Winding-up Directives)

The Internal market for financial services in the European Union: The banking, the securities and the insurance sectors in EU – what is next



Compliance LLC, Areas of expertise:
Training and consulting for Hedge Funds, Alternative Investments and Structured Products, the Basel ii Capital Accord, the European Sarbanes Oxley (8th Company Law Directive, E-SOX), the Japanese Sarbanes Oxley (Financial Instruments and Exchange Law, J-SOX), the European Union's Financial Services Action Plan (FSAP), the Solvency ii, UCITS iii and Reinsurance Directives.

Clients and Testimonials
http://www.compliance-llc.com/ClientsTestimonials.htm

Our training catalog:
http://www.compliance-llc.com/1_Compliance_Training_Catalog.pdf

For further information, you may contact
Lyn Spooner, E-mail: lyn@compliance-llc.com, Tel: +1 (302) 342-8828 Ext 1, or George Lekatis, E-mail: lekatis@compliance-llc.com, Tel: +1 (302) 342-8828 Ext 5.

More information can be found online at http://www.european-client.com

banking to the european client     training for banks     training for banks for the EU