EU Benchmarks Regulation

THE EU

BENCHMARKS REGULATION

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This one day beginner to intermediate training course seeks to provide attendees with highly comprehensive instruction on the new EU Benchmarks Regulation operational framework. It will set out the development and introduction of the Benchmarks Regulation, as well as the Level 1, Level 2, and Level 3 operational framework.

The Expert Trainer will guide attendees through the technical requirements for different types of benchmarks as well as providing contextual analysis and examples.

By attending the training course attendees will be able to avail themselves of a unique applied learning approach through a blended mix of legal, technical, operational, strategic, and technological perspectives.

ABOUT THE

BENCHMARKS

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REGULATION

The training course will provide a highly cost effective way of comprehensively understanding this broad and complex framework EU regulatory framework.

1 The European Union (EU) ‘Benchmarks Regulation’ seeks to introduce a common framework to ensure the accuracy and integrity of indices used as benchmarks in financial instruments and financial contracts, and to measure the performance of investment funds.

Some of the key focus points are to ensure that administrators manage and potentially avoid conflicts of interest, there is an improved quality of input data and methodologies used by administrators, and there is an overall improved framework pertaining to benchmark governance and controls.

Although the EU Benchmarks Regulation took effect on 1st January 2018, transitional provisions means that it will not be fully effective until 1st January 2020. During such period Third Country Administrators will need to evaluate their operations in order to decide whether or not to seek authorisation in the post-2020 framework, as well as their use of Third Country Benchmarks in existing and new contracts for financial instruments.

(EU) 2016/1011 of 8th June 2016 on indices to be used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds.

TRAINING

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COURSE

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1 Regulation

ABOUT THE

4 THE

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SESSIONS

SESSION 3

SESSION 1

TRANSPARENCY, CONSUMER PROTECTION, THE THIRD COUNTRY BENCHMARKS FRAMEWORK AND BENCHMARKS GUIDANCE

AN INTRODUCTION TO THE BENCHMARKS REGULATION The LIBOR Scandal, the Wheatley Review, and Background to the Benchmarks Regulation.

The Benchmarks Regulation Framework (Level 1 Framework, Level 2 Framework, Level 3 Framework).

Authorisation, Registration and Supervision of Administrators (Authorisation, Withdrawal, Suspension, Register).

Supervisory Cooperation (National Competent Authorities (NCAs), Disclosure of Information, OnSite Inspections and Investigations), Role and Powers of NCAs, Administrative Sanctions and Measures.

• Administrators, Outsourcing, Contributors, Supervised Contributors, Mandatory Contributions, Input Data, Use of a Benchmark.

• Benchmark Statement, Changes to and Cessation of a Benchmark, Equivalence, Recognition of an Administrator located in a Third Country, Endorsement.

• A Review of The European Securities and Markets Authority (ESMA) and European Banking Authority (EBA) Principles for benchmark-setting processes in the EU (June 2013).

• A Review of IOSCO’s Principles for Financial Market Benchmarks (July 2013).

SESSION 4:

SESSION 2 REQUIREMENTS FOR DIFFERENT TYPES OF BENCHMARKS • Definitions of Regulated-data Benchmarks (RDBs), Interest Rate Benchmarks (IRBs), and Commodity Benchmarks (CoBs), and Practical Examples.

• Critical Benchmarks (CBs) (Definition, Mandatory Administration, Mitigation of Market Power, Mandatory Contribution, Practical Examples).

• Significant Benchmarks (SBs) (Definition, Exemptions from Specific Requirements, Practical Examples).

• Non-Significant Benchmarks (NSBs) (Definition, Practical Examples).

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BENCHMARKS OPERATIONS A Review of the Global Impact of the Benchmarks Regulation (e.g. Asia Pacific Region (APAC), Market Liquidity and Fragmentation, Concentration Risk, Hedging Risk, Contractual and Funding Issues, Market Power and Access, Market Expectations and Reputational Risk).

A Strategic Review of the Impact of the Benchmarks Regulation on Asset Managers and Investment Funds.

A Strategic Review of the Impact of the Benchmarks Regulation on Structure Finance and Securitization of Transactions.

A Review of Benchmarks Service Providers (e.g.

Refinitiv, IHS Markit).

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KEY

STORM-7

BENEFITS

CONSULTING

• Attendees will be expertly trained in all the most relevant areas covering the Benchmarks Regulation regulatory compliance framework.

• Attendees will be provided with an examination of the latest global Benchmarks Regulation strategic implications.

• Attendees will benefit from a much more in-depth understanding of Third Country Benchmarks, as well as a comprehensive understanding of the offerings from Benchmarks Service Providers.

• Attendees will benefit from highly comprehensive training course manual, training course supporting materials manual, and four PowerPoint presentations.

Storm-7 Consulting is an international consulting company that provides premier intelligence, insight and support to global financial institutions. We provide cutting-edge conferences, events, public training courses, and in-house training courses to leading firms globally.

We provide expert regulatory compliance training covering areas such as GDPR, MiFID II, AEOI (FATCA & CRS), MAD 2 MAR (Market Abuse), CRD IV, PRIIPs, Solvency II, PSD 2, CCP Clearing, AML/CFT, Stress Testing, and the Senior Managers and Certification Regime.

We provide unique and highly innovative marketing services to firms operating in the banking, financial services, Regulatory Technology (RegTech), and Financial Technology (FinTech) sectors.

WHO IS THE COURSE

SUITABLE

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FOR? Compliance Analysts.

Compliance Officers.

Front Office Professionals.

Heads of Compliance.

Heads of Operations.

Heads of Risk.

Hedge Fund Professionals.

• Investment Fund Professionals.

• Investment Managers.

• Lawyers.

• Regulatory Analysts.

• Risk Officers.

We have collaborated with firms around the world, such as the United Kingdom Financial Conduct Authority, Thomson Reuters, Sopra Steria, Sungard, Capco, OTC Partners New York, IHS Markit, Eze Castle Integration, ICMBA Centre, Sybenetix, Heriot Watt University, JP Morgan Asset Management, Custom House Global Fund Services, Cass Business School, Rixtrema, Solum Financial, D2 Legal Technology, Eurekahedge, Financial IT, HedgeConnection, Alpha Journal, ATMonitor, HF Alert, and CrowdReviews.

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We have received enquiries and bookings from leading firms around the world, such as the Abu Dhabi Investment Authority, Rothschild Investment Management (UK) Limited, Dubai Financial Market, CAF the Development Bank of Latin America, the Central Bank of Ireland, the Central Bank of Russia, APG Asset Management, Royal London Asset Management, Brandes Investment Partners, Eversheds, Erste Group, Millenium Information Technologies, Deutsche Bank, Bethmann Bank AG, ICBC Standard Bank, Gulf International Bank, Raiffeisen Bank International AG, and BGC Partners.

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EXPERT

ABOUT THE

TRAINER

VENUE

Rodrigo Zepeda is Co-Founder and Managing Director of Storm-7 Consulting. He is an expert consultant who specialises in derivatives and banking and financial services law, regulation, and compliance. He is an expert in a very broad range of regulatory compliance frameworks such as FATCA, the OECD CRS, MiFID II, MAD 2 MAR, PSD2, CRD IV, Solvency II, OTC Derivatives, CCP Clearing, PRIIPs, BRRD, AML4, and the GDPR. He holds a LLB degree, a LLM Masters degree in International and Comparative Business Law, and has passed the New York Bar Examination.

Etc Venues, Avonmouth House, 6 Avonmouth Street, London SE1 6NX. A short walk from Borough and Elephant and Castle underground stations, Avonmouth House is located in the vibrant Southwark area of South London. Their 14 rooms come with state-of-the-art AV equipment and all the essential tools that any attendee will need, as well as natural daylight to keep attendees stimulated and air conditioning to keep attendees comfortable. In addition to the main rooms, there are five smaller rooms for breakout sessions, interviews or meetings.

He was an Associate (ACSI) of the Chartered Institute for Securities & Investment from 2004 to 2014 and is now a Chartered Member (MCSI).

He has created and delivered numerous conferences and training courses around the world such as ‘FATCA for Latin American Firms’ (Santo Domingo, Dominican Republic, Panama City, Panama), ‘MiFID II: Regulatory, Risk, and Compliance (London), and ‘Market Abuse: Operational Compliance’ (London), ‘AEOI (FATCA & CRS)’ (Manama, Bahrain). He has also delivered numerous In-House Training Courses around the world to major international financial institutions such as The Abu Dhabi Investment Authority (MiFID II: Operational Compliance, Abu Dhabi, the United Arab Emirates), the United Nations Principles of Responsible Investment (MiFID II: Final Review, London), CAF, the Development Bank of Latin America (Swaps and Over-the-counter Derivatives, Lima, Peru), Rothschild Investment Management (UK) Limited (AEOI (FATCA & CRS), London) and Bethmann Bank AG (MAD 2 MAR, Frankfurt).

There is also a dedicated trainer’s room equipped with telephone, PC and internet access. Etc Venues’ team of in-house chefs prepare a range of delicious options from healthy brain food to tasty treats. Both levels of the building are fully accessible for those with mobility issues and all the rooms have induction loops. Free car parking is available in front of the building by prior arrangement. The venue has 2 floors; 14 rooms; with room capacities up to 150; 18 years of experience; public sector specialists.

VENUE

REFRESHMENTS

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Continental breakfast Three course restaurant lunch Free-flow coffee and tea Chilled filtered water Pastries, biscuits, snacks

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Free WIFI Room controlled A/C High-tech data projectors Stationery and flip charts Natural daylight

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He is a Reviewer for the Journal of Financial Regulation and Compliance and has also published widely in leading industry journals such as the Capco Institute’s Journal of Financial Transformation, the Journal of International Banking Law and Regulation, as well as e-books on derivatives law. Noted publications include “Optimizing Risk Allocation for CCPs under the European Market Infrastructure Regulation”; “The ISDA Master Agreement 2012: A Missed Opportunity”; “The ISDA Master Agreement: The Derivatives Risk Management Tool of the 21st Century?”; “To EU, or not to EU: that is the AIFMD question”; and “The Industrialization Blueprint: Re-Engineering the Future of Banking and Financial Services?”.

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FOR

BOOKINGS AND ENQUIRIES client.services@storm-7.com UK +44 (0) 20 7846 0076 www.storm-7.com

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