10 Mar 2021, remote delivery
9:30am to 12:45pm
Course fees: £345.00 + vat per person
Savings for multiple registrations
The FCA rules, guidance and ‘standards’ for Best Execution have been in place since the introduction of MiFID and updated in 2018 with MiFID II. Despite this, the FCA’s thematic reviews of Best Execution found only a very small proportion of the firms visited actually understood and complied with the totality of the Best Execution requirements. Still worse, few were enagaing with the Guidance in the thematic reviews or demonstrably using the best execution process to drive better outcomes for clients (lower costs, better prices).
More worryingly, the regulator continues to point to a disconnect between Front Office and Compliance approaches to Best Execution, with Compliance often being kept away from Best Execution issues, due to a perceived lack of skills and understanding.
For many firms, it is not that they are failing to deliver best execution - more that their governance, policy and procedural framework fails to demonstrate this is so . . . a huge “own goal” when the FCA comes calling
Making use of CASE STUDIES and SYNDICATE EXERCISES, this practical course will help Compliance and Front Office professionals keep up to date with the evolving rules, guidance and standards in this critical area of business and regulatory risk.
Specifically, attending will help you:
This course will be delivered via a real time slide sharing and live audio visual platform, accessible by desktop computer, laptop, tablet or smartphone. Class size will be limited to ensure a high quality and interactive learning experience.
Gary Pitts has 25 years of compliance experience, including spells with the Personal Investment Authority, Henderson Global Investors, Brevan Howard Asset Management, Religare Capital Markets and as a Managing Partner of Solo Capital Partners. He now runs his own regulatory and governance consultancy, Tetractys Partners LLP. He has extensive asset management, hedge fund and investment banking experience in addition to a broad and deep understanding of corporate governance. Gary is a regular conference speaker and author of technical articles on compliance-related topics. He sits on the regulatory advisory group of the Journal of Securities Operations and Custody. Gary holds Masters degrees from Oxford and London Universities and an MBA from the Open University Business School, is a former director of Cayman and Luxembourg domiciled hedge funds, as well as regulated companies in the UK and South Africa. Gary has been an FSA/FCA registered person in Controlled Functions 10 and/or 11 since 2001. He brings a combination of compliance and commercial experience, in terms of both practical implementation and Board level oversight, to the training he delivers.
|The scope of the rules||To consider the scope of the FCA best execution requirements and why firms fail to identify the full reach of the application of the Rules||
|Defining Best Execution for your firm||To know what constitutes “Best Execution” in the context of your firm’s clients and activities||
|Evidencing venue selection||To be able to review trading venues and systems for alignment with the firm’s identified best execution factors||
|Constructing a value-added monitoring programme||To use a framework to build an effective monitoring programme that produces value-added management information||
|Payment for Order Flow||To understand the definition of payment for order flow arrangements and why these are prohibited
|Best Execution Governance||To identify the governance requirements for Best Execution, with an emphasis on meeting the FCA SYSC requirements
|Compliance oversight and internal audit||To consider the respective roles of Compliance and Internal Audit and the skill sets required to deliver effective advice and monitoring
This course can be delivered in-house at a time and location to suit your business and tailored to suit your people and organisation. We can also create bespoke training when something very specific is needed.Please contact us to discuss your requirements in more detail and at no obligation.