Archives: Lessons

GDPR – Lesson 5 – Impact on CIFs

GDPR places responsibilities on CIF units to comply and to demonstrate compliance Consent needs to be obtained and refreshed regularly Privacy statements need to be updated Information needs to be protected and accurate Specific locations of information must be known Subject Access Requests must be facilitated (1 month) Breaches must be reported within 72 hours …

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GDPR – Lesson 4 – Compliance Continued

Step 4 Personal Privacy Rights GDPR enshrines certain rights for individuals that must be supported by every Data Controller, including CIFs.  These rights include: Subject Access  To have inaccuracies corrected To have information erased To object to direct marketing To restrict processing of their information including automated decision making Data portability – Ability to receive …

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GDPR – Lesson 1 – Introduction

Agenda Brief introduction to Data Protection Overview of Legislation Impacts of these changes on the Investment Firms Supports Available Questions

Directors – Lesson 1 – introduction

The board of directors has the overall responsibility to monitor the firm and make sure that it complies with its obligations under MIFID. Seems simple, no? If you believe so, then go on and read the rest of this course!

MIFID II – Lesson 8 – Product Governance & Sales Processes

MiFID II introduces a new EU-wide product governance regime which applies to both sides of the product development and sales process, namely to: (1) product manufacturers; and (2) product distributors (if different). For product manufacturers, there are new requirements to maintain appropriate product governance policies and procedures as part of their organisational arrangements, including product …

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MIFID II – Lesson 5 – Inducements

With the introduction at an EU level of the new concept of ‘independent advice’ (discussed later in this note) and with historic concerns about potential conflicts of interest with firms receiving third party payments, MiFID II strengthens the current inducement rules and introduces the following changes: firms providing independent investment advice or portfolio management are …

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MIFID II – Lesson 3 – Conflicts of Interests

There are no specific restrictions under MiFID in relation to remuneration although, as noted above, there are general requirements in relation to managing conflicts of interest. In 2013 ESMA did, however, publish Guidelines on remuneration policies and practices for investment firms and credit institutions. MiFID II proposes restrictions on incentive schemes, internal rewards and sales …

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CySEC Reporting Obligations

Month Reporting Obligation Form(s) Period Deadline January Complaints 144-002-01 December 5th of January January AML Monthly Prevention Statement 144-08-11 December 15th of January January Notification of Shareholders and Tied Agents Previous Year 31st of January January Quarterly Statistics QST-CIF Q4 Previous Year 31st of January February Complaints 144-002-01 January 5th of February February AML Monthly …

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