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The European Union's Financial Services Action Plan (FSAP) and the
Board of Directors
Course Title:
The European
Union's Financial Services Action Plan (FSAP): Due Diligence for Directors and
Executive Management
Objectives:
This course
has been designed to provide board
members and executive management with the knowledge
and skills needed not only to understand
the Financial
Services Action Plan, but also to use
compliance as
a competitive advantage
Target
Audience:
This course
is intended for potential, new and sitting directors and executive
management. It is highly recommended for management consultants.
Duration:
4 Hours. It
can be tailored to your needs.
Course
Description
A single market. A harmonised market in banking, investment,
insurance, derivatives, commodities.
This is a top priority for the European Union.
The Financial Services Action Plan (FSAP) is a huge and ambitious
project. There are 42 original measures in the FSAP. Some are
non-legislative, a few are regulations, and
there are almost 30 directives.
Over
20 of the original measures are likely to affect the financial
sector.
We will discuss the following
directives:
1.
The
Capital Requirements Directive
The Capital Requirements Directive (CRD) is the common framework
for the implementation of Basel
ii in EU
2. The 8th
Company Law Directive
The 8th Company Law Directive is similar to the US Sarbanes Oxley
Act. This directive is called the European Sarbanes Oxley. There
are similarities and differences.
3. The Markets in Financial Instruments Directive (MiFID)
The Investment Services Directive has been replaced by MiFID that
reflects developments in financial services and markets and
extends the scope of the passport to cover commodity derivatives,
credit derivatives and financial contracts for differences for the
first time.
4.
Financial Conglomerates Directive
The
Financial Conglomerates Directive tries to introduce
supplementary supervision of
financial conglomerates on a group-wide
basis, in addition to both the prudential supervision of
regulated entities on a standalone basis and consolidated
supervision on a sectoral basis.
5. Savings Tax
Directive
The Savings Tax Directive is the effort of the European Union to
stop taxpayers from fleeing to lower tax environments. The new
environment is becoming very interesting, as, although
not in the EU, many offshore financial centers have voluntarily
agreed to apply the same or equivalent measures.
6. Solvency I and Solvency II
Insurers have also to hold capital for unexpected events, for the
stability of the system and for the protection of the policy
holders. Solvency II is the Basel II equivalent for Insurance
companies 7. The Prospectus Directive The purpose of this Directive is to harmonise requirements for the drawing up, approval and distribution of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market situated or operating within a Member State. 8. The Transparency Directive The purpose of this directive is to establish requirements in relation to the disclosure of periodic and ongoing information about issuers whose securities are already admitted to trading on a regulated market situated or operating within a Member State. 9. The Market Abuse Directive Insider dealing is added to the final scope of the directive. The directive is about persons who possesses inside information and use that information by acquiring or disposing of, or by trying to acquire or dispose of, for his own account or for the account of a third party, either directly or indirectly, financial instruments to which that information relates. This directive sets out measures to combat market manipulation. 10. UCITS III The EU directive for the mutual fund industry. Regulated mutual fund managers can not use leverage as well as selling short - can not have hedge fund strategies. Cross border fund sales to investors of different nationalities Cost - Fixed fee Fixed fees, fixed terms. You know the exact final cost. Everything is included in this price (expenses, flights, tax etc.) Example: Fees for George Lekatis, General Manager and Chief Compliance Consultant of Compliance LLC, for presentations in Europe: US$ 9,800 (and US$ 2,000 for each additional day) - final cost. Everything is included in this price (expenses, flights, tax etc.) For other trainers the fee may be different |
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