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Best Execution in Financial Markets: Regulatory Updates & Best Practices
Dates
Highlights
Live Online
4 CPD Units | 4 Hours
The EIMF Live Online Learning Experience
Participants will receive access to the recorded sessions of the course.
EIMF subject-matter experts deliver engaging and interactive courses across a broad spectrum of areas, that can be enjoyed in the comfort of your own chosen environment. Read more
Course Overview
Best Execution requirements under the Markets in Financial Instruments Directive (MiFID) II are designed to ensure investor protection during the execution of client orders. Specifically, Best Execution refers to an investment firm’s obligation to take all sufficient steps to obtain the best possible outcome for clients when executing or transmitting a client order, while considering the wider market conditions and characteristics of the relevant financial instrument.
The regulatory framework for Best Execution was first introduced under MiFID I (2007) and was significantly enhanced with MiFID II (2018), which imposed stricter transparency and monitoring obligations. Further refinements have been implemented with the recent MiFID II & MiFIR Review.
To comply with Best Execution requirements, investment firms must establish and implement effective policies and procedures that govern their execution practices. This includes developing an execution policy that specifies execution venues, execution factors, and the criteria for achieving best execution, providing transparent disclosures to clients, and conducting ongoing monitoring and review of order execution arrangements.
This course provides a comprehensive and practical overview of the Best Execution framework as required by CySEC’s regulatory regime. It covers key principles, obligations, and best practices for ensuring compliance with regulatory requirements. Participants will gain insights into key execution factors and how firms determine the most favourable execution for clients, order execution policy requirements, ongoing monitoring and review of obligations, latest regulatory updates related to MiFID III/MiFIR II developments. Through real-world case studies, participants will develop a practical understanding of Best Execution requirements and how to ensure compliance in their firms.
Training Objectives
Understand the requirements deriving from Market in Financial Instruments Directive
Identify the key factors and criteria for achieving Best Execution
Evaluate and select the most appropriate execution venues
Implement and maintain robust monitoring practices
Stay updated with the latest regulatory changes from MiFID II / MiFIR Review
Apply practical insights from case studies to improve execution strategies
Training Outline
Introduction to Best Execution
Overview of requirements and Regulatory Framework
What is Best Execution?
Applicable Law - Analysis and Explanation
Overview of requirements for Best Execution
Key changes under MiFID III / MiFID II
Application of Best Execution Requirements
Best Execution applicability according to client categorisation, service offered, financial instruments
Execution factors and relative importance
Total Consideration
Selection of execution venues/brokers
Best Execution Criteria
Specific client instructions
Practical Examples
Order Execution Policy
Content of the Order Execution Policy & customisation
Information to clients and client consent
Provisions of ESMA Technical Standards specifying the criteria for establishing an order execution policy
Monitoring and Assessing the Effectiveness of the Order Execution Policy
Governance and oversight of best execution arrangements
Review of policy and arrangements
Managing conflicts of interest
Reviews and audits
Provisions of ESMA Technical Standards specifying the criteria for assessing the effectiveness of investment firms' order execution policies
Key challenges in complying with MiFID Best Execution requirements
Common pitfalls and how to avoid them
Circular C343 - CySEC Thematic Review
Who Should Attend
The programme is ideal for:
Employees and Executives of Investment Firms
Compliance Officers and Front office professionals
Internal Auditors
Internal Lawyers
External Auditors, Lawyers and Financial Consultants
Dealing room seniors
Training Style
The training style is both training-focused, involving a combination of presentation and real-live examples, but also learner-focused, where participants are encouraged to raise questions, seek clarifications and share their opinions from their different perspectives and engage in an exchange of views and personal professional experiences.
CPD Recognition
This programme may be approved for up to 4 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
In-house Training
For groups within the same organisation, this course may be customised to meet any specific needs and delivered in-house.
Facilitators
Elina Savvides
Elina is an experienced and dedicated professional in the areas of internal audit, regulatory compliance and investment advice, with a demonstrated history of over 15 years of working for and advising financial institutions. Her areas of expertise include internal audit, governance and internal control matters, regulatory compliance areas such as FATCA/CRS, DAC6, MiFID II/MiFIR, GDPR, AML, as well as investment consulting to pension funds. Elina started her career as an Investment Consultant with Aon London, providing advice to UK pension schemes on investment strategy, asset allocation, investment manager selection and portfolio monitoring/analysis. She then joined the Risk, Compliance and Regulation Advisory practice of PwC Cyprus, where she specialized on the provision of regulatory compliance services to Financial Institutions on areas including internal control, governance arrangements, MiFID/MiFIR, AML, Arrears Management, as well as assistance with licensing procedures of funds and investment firms. Additionally, as a Senior Manager at PwC Cyprus, she led the FATCA & CRS service offering, and also lead Internal Audit outsourcing engagements to clients in both Financial Services and other industries. Elina is currently a Senior Internal Auditor at Hellenic Bank, leading internal audit engagements on multiple regulatory framework areas, as well as conducting special investigations in relation to potential misconduct or breaches of legal/regulatory framework. She is also the GDPR liaison of the Bank’s Internal Audit unit. Throughout her career Elina has prepared and delivered multiple training sessions and seminars on her areas of expertise. Elina holds a BSc in Economics from University College London, and a Master of Philosophy (MPhil) in Finance from the University of Cambridge, and also holds the Chartered Financial Analyst (CFA) designation since 2013. Elina is a member of the CFA Institute, and the CFA Society in Cyprus, where she also serves as a member of the Financial Literacy Committee.