at a glance...

The Chambre des salariés is an organization registered on the list published on the CSSF website to deliver external professional training relating to the ESMA Guidelines for the assessment of knowledge and competence.
DURATION 5 two days modules (12 hours per module), 1 module per week during 5 weeks
NEXT TRAINING

Module I : 19 and 26 April 2018
Module II : 3 and 9 May 2018
Module III : 17 and 31 May 2018
Module IV : 7 and 14 June 2018
Module V : 21 and 28 June 2018

« For further dates, please contact us. »

SCHEDULE Thursday
9:00 - 16:30
PLACE Luxembourg Lifelong Learning Center (LLLC)
13, rue de Bragance
L-1255 Luxembourg
or
In-house training
or
Customized to your needs
EVALUATION METHOD

A test for validating the knowledge is proposed for each module

Tests will be planned 2 weeks after the last module (except school holidays)

CERTIFICATION Certificate of participation and of achievement per module, or for the complete programme where applicable
LANGUAGES English and French
NUMBER OF PARTICIPANTS 15 people maximum per module
REGISTRATION FEES 190€ per day, i.e. 380€ per each 2-days module
MULTIPLE REGISTRATIONS FOR AN ENTITY To register for more than one participant to one or more modules, we invite you to address your request to mifid2@LLLC.lu

Training aims

context

CSSF circular 17/665 regarding the implementation of the ESMA Guidelines for the assessment of knowledge and competence. The professionals shall comply with this circular as from 3 January 2018.

OBJECTIVE

This training aims to acquire the knowledge and competence related to the criteria described in the CSSF circular 17/665 with regards to the ESMA Guidelines for the assessment of knowledge and competence.

At the end of this training, the participants will be able to demonstrate that they possess the necessary knowledge and competence to fulfil their obligations under Articles 24 and 25 of MiFID II.


Progressive and modular approach
:

Module I – General Principles of Financial Markets
Module II – Portfolio Management / Financial Instruments
Module III – Investment Products
Module IV – Risk & Return
Module V – Client Relationship, Compliance, AML

5 two days modules, 60 effective hours of training. All CSSF 17/665 circular points are covered.

Target Audience

TARGET AUDIENCE

The persons concerned by this training programme are people giving investment advice and/or providing information on financial instruments, investment services or ancillary services to clients on behalf of a professional, or for their own account, under the prudential supervision of the CSSF.

ELIGIBILITY

For all interested persons.

Programme and Organisation

ORGANISATION

Our complete training programme is offered in 5 modules. One module per week during 5 weeks. It is possible to register for one or more modules, or for the complete programme. The training is also offered internally, in our customers’ premises, and adapted to their specific needs.

Duration of each module: 12 hours (2 days).


Days and time of training :

Thursday 9:00 - 16:30.

Thursday and Thursday/Wednesday ..................... ....................... Mardi et mardi
Module I 19 and 26 April 2018 20 et 27 mars 2018
Module II 3 and 9 May 2018 17 et 24 avril 2018
Module III 17 and 31 May 2018 2 et 8 mai 2018
Module IV 7 and 14 June 2018 15 et 29 mai 2018
Module V 21 and 28 June 2018 5 et 12 juin 2018
PRICE AND TERMS
Type of training Participant Intra-entreprise
Price per two days module

380€ per participant
i.e 190€ per day

Upon request
Place of training
CSL/LLLC - Luxembourg Customer’s premises *










*Training rooms can be put at your disposal.
Our prices include the material in the language of the training, the certification and the lunch.

TRAINING PROGRAMME

C* . =.. people giving investment advice.
I* ...=...people providing information.

For information, please see the CSSF 17/665 circular points to be covered in the list hereafter.


Module I – General Principles of Financial Markets
No prerequisites
Circular points : C*5, C*6, I*4, I*5
1. Economy
  1. Macroeconomics: theories, definitions, concepts
  2. Economic environment and globalization
  3. Financial information (s): understanding, interpretationn
2. Events, Indicators, Impacts
  1. The main indicators (GDP, CPI, PMI ...): Typology, characteristics, interpretation
  2. Interdependence of economic cycles and financial markets
  3. Crises, conflicts, etc.
3. Financial markets
  1. Typology of financial markets
  2. Interest rates: creation, evolution, influence…
  3. Equity markets: capitalization, sectors, cyclical stocks…
4. Evolutions, psychology, analyzes
  1. Market efficiency. Sensitivity (beta, duration ...)
  2. Psychology of the markets
  3. Analyzes: fundamental, technical, chartist…

Module II – Portfolio Management / Financial Instruments
Prerequisites : Module I or equivalent knowledge
Circular points : C*10, C*11, C*12, I*9, I*10
1. Financial instruments: characteristics and valuation
  1. Equities: specificities, quotation, indicators…
  2. Bonds: typology, rates, ratings…
  3. Derivatives: typology, pricing, uses…
  4. Structured products: definition, examples…
  5. Investment funds: typology, specificities…
2. Markets and operations: introduction
  1. Stock exchanges and regulated markets
  2. Marketplaces and over-the-counter market
  3. Operations: from the customer's instruction to the posting
3. Portfolio Management
  1. Theory and Reality (ies)
  2. Portfolio Management Strategies: Active Management, Passive Management, Management Styles, Tactics and Other Methods
  3. Diversification
4. Tools and Limitations of Portfolio Management
  1. Objectives and constraints
  2. Communication with the Customer
  3. Comparisons and their limits. Performance, indices, risk

Module III – Investment Products
Prerequisites: Module I or equivalent knowledge
Circular points : C*1, C*2, C*4, C*9, C*10, I*1, I*2, I*8. I*9
1. Investment productst
  1. Characteristics of the products offered
  2. Elements carrying risk (s)
  3. Tax issues and their impacts
2. Cost structures
  1. Costs, fees and taxes related to Products
  2. Costs, fees and taxes elated to Service Delivery
  3. Transparency of costs and reporting obligations
3. Documentation of Investment Products
  1. Financial information and prospectuses
  2. KIIDS, PRIIPS…
  3. Analyzing and understanding available information
4. Investment products and clients
  1. Adequacy of investment products: client knowledge vs. knowledge of the client
  2. Market access: structures, risks, constraints
  3. Costs: details, limits, decisions

Module IV – Risk & Return
Prerequisites : Module II, III or equivalent knowledge
Couverture des points suivans de la circulaire : C*1, C*7, I*1, I*6
1. Return
  1. Return influencing elements
  2. Return calculation: methods, differences, comparison
  3. Return analysis: decomposition, cross effectss
2. Communication of Return and Performance
  1. Comparison of return: benchmarks, indicators…
  2. Return history (s) and forecast
  3. Performance, return, volatility…
3. Measurement of Risk
  1. Elements of risk. Definitions. Analysis
  2. Typology of risks. Mitigation methodologies
  3. Risk calculation: methods, comparisons, limits
4. Risk and Customers
  1. Risk appetite and investment horizon
  2. Risk elements in investment products
  3. Risk communication, indicators

Module V – Client Relationships, Compliance, AML
No prerequisites
Couverture des points suivants de la circulaire : C*3, C*4, C*8, I*3, I*7
1. Investment Advisory Activity
  1. Regulatory Framework
  2. Services offering, differences advice / information
  3. Compliance with obligations
2. Knowledge of his/her client
  1. Suitability of products and services with the customer profile
  2. Relevant information. Understanding and interpretation
  3. Evolution, communication, obligations
3. Anti-money laundering
  1. Regulatory Framework, Responsibilities, Sanctions
  2. Customer knowledge, obligations
  3. How money laundering works: steps and points of attention
4. Market abuse
  1. Regulatory Framework, Responsibilities, Sanctions
  2. Fields of application, prevention and detection tools
  3. Privileged information, share buybacks, insider trading and other cases























































































.
LLLC- MIFIDII Training Plan (Correlation table)

Ref. CSSF Person providing investment advice Ref. CSSF Person providing information on investment products Modules
C*1 understand the key characteristics, risk and features of the investment products being offered or recommended, including any general tax implications to be incurred by the client in the context of transactions. Particular care must be taken when providing advice with respect to products characterised by higher levels of complexity; I*1 understand the key characteristics, risk and features of those investment products available through the professional, including any general tax implications and costs to be incurred by the client in the context of transactions. Particular care must be taken when giving information with respect to products characterised by higher levels of complexity; III - IV
C*2 understand the total costs and charges to be incurred by the client in the context of the type of investment product being offered or recommended and the costs related to the provision of the advice and any other related services being provided; I*2 understand the total amount of costs and charges to be incurred by the client in the context of transactions in an investment product, or investment services or ancillary services; III
C*3 fulfil the obligations required by the professional in relation to the suitability requirements including the obligations as set out in the Guidelines on certain aspects of the MiFID II suitability requirements (as defined in the Guidelines); I*3 understand the characteristics and scope of investment services or ancillary services; V
C*4 understand how the type of investment product provided by the professional may not be suitable for the client, having assessed the relevant information provided by the client against potential changes that may have occurred since the relevant information was gathered; III - V
C*5 understand how financial markets function and how they affect the value and pricing of investment products offered or recommended to clients; I*4 understand how financial markets function and how they affect the value and pricing of investment products on which they provide information to clients; I
C*6 understand the impact of economic figures, national/regional/global events on markets and on the value of investment products being offered or recommended to clients; I*5 understand the impact of economic figures, national/regional/global events on markets and on the value of investment products on which they provide information; I
C*7 understand the difference between past performance and future performance scenarios as well as the limits of predictive forecasting; I*6 understand the difference between past performance and future performance scenarios as well as the limits of predictive forecasting; IV
C*8 understand issues relating to market abuse and anti-money laundering; I*7 understand issues relating to market abuse and anti-money laundering; V
C*9 assess data relevant to the type investment products offered or recommended to clients such as Key Investor Information Documents, prospectuses, financial statements, or financial data; I*8 assess data relevant to the investment products on which they provide information to clients such as Key Investor Information Documents, prospectuses, financial statements, or financial data; III
C*10 understand specific market structures for the type investment products offered or recommended to clients and, where relevant, their trading venues or the existence of any secondary markets; I*9 understand specific market structures for the investment products on which they provide information to clients and, where relevant, their trading venues or the existence of any secondary markets; II - III
C*11 have a basic knowledge of valuation principles for the type of investment products offered or recommended to clients; I*10 have a basic knowledge of valuation principles for the type of investment products in relation to which the information is provided. II
C*12 understand the fundamentals of managing a portfolio, including being able to understand the implications of diversification regarding individual investment alternatives. II

Terms and Conditions

Article 1 : Registration

To enroll in a module, the candidate registers at least 10 days before the beginning of that module.

You can register online at www.LLLC.lu or fill in the registration form and deliver it in person or send it by mail, fax or email to the LLLC, no later than 10 calendar days prior to the beginning of the module.

Article 2 : Admission

The candidate will receive the confirmation of the registration together with the invoice. The registration is effective once the tuitions fees have been paid.

Article 3 : Payment terms

The registration commits you to the immediate payment of registration fees by credit card, Digicash, or bank transfer to the following account:

CSL/Luxembourg Lifelong Learning Center
Code BIC/SWIFT : BCEELULL

N° IBAN : LU69 0019 1055 9340 4000

If you fail to pay registration fees, you are no longer authorized to attend the training, neither to pass the test or to receive the materials. The Chambre des salariés might take any legal procedure to recover the fees due.

If you register during the 14 days prior to start date of the training, you agree that the course begins before the expiry of your withdrawal period. In case of withdrawal before the beginning of the training, the participant is entitled to a full reimbursement. Once the training has started, the reimbursement will be made on a prorata basis of the training not attended.

Article 4 : Cancellation

The LLLC reserves the right to cancel a training on the grounds of low registrations, force majeure, unavailability of instructors or on any other grounds. In this case, registration fees paid will be reimbursed and you will be notified as soon as possible.

Article 5 : WITHDRAWAL

All withdrawals must be notified in writing to the LLLC. You may withdraw from a training without penalty within 14 days of registration (withdrawal period).

After this period, the LLLC reserves the right to charge cancellation fees. In case of withdrawal before the beginning of the training, 10% of the total payable amount is due, except if the LLLC has been informed by letter at least 15 working days before the beginning of the training.

In exceptional and duly justified cases (serious illness, accident, etc.), the LLLC may fully reimburse registration fees even if the withdrawal notification is received less than 14 days prior to the beginning of the seminar or after the seminar start date. Decisions taken by the LLLC in this matter are discretionary.

It is however possible to register another candidate in instead of the person initially registered. This change has to be confirmed by writing to the LLLC before the beginning of the training.

Article 6 : Trainer and content

The content of the material, the trainer and the programme announced on the website are subject to changes until the beginning of the training.

Article 7 : Attendance

The attendance to the class is compulsory for the admission to the validation tests of the various modules.

When the training fees are paid by the employer and/or when the modules are part of a training plan and/or when the training hours are accounted for as working time or give rise to compensation, the employer can ask to obtain the confirmation of the attendance of the employee to the training. By signing the present general conditions, the participant agrees that the LLLC communicates this information to the employer.

The participant has the possibility to ask the trainer to confirm his attendance by signing a statement of attendance, which might be annexed to a request of refund of the compensatory allowance paid within the framework of a personal leave for training, if necessary.

Article 8 : Training material

The materials are subjected to copyright and are reserved for the exclusive use of the participants in the course of the training or the examinations. It is forbidden to reproduce them and to communicate them to the public, even partially.

Article 9 : COMMUNICATION

The participant can choose to receive information about the trainings either by mail or e-mail. The certificates of participation and success are sent by mail.

Article 10 : VALIDATION TEST

Each participant must present himself to the validation test organized for each module, at the place, date and time as communicated by the LLLC.

Article 11 : VALIDATION OF ONE OR MORE MODULES

The participant passes the test of each module when he gets the average.

Article 12 : APPEAL

The decision of the LLLC is irrevocable.

ARTICLE 13 : Processing data

By setting up a user account and registering online at www.LLLC.lu or by sending a duly completed registration form to the LLLC, you authorise the LLLC to electronically process your personal data in accordance with the law of 2 August 2002, as amended, relating to the protection of persons with regard to personal data processing. On request, you may have free access to the data concerning yourself at reasonable intervals and without excessive delays.

Some personal data may be supplied to third parties, in particular to the CSSF.

Article 14 : Results

By accepting the general terms and conditions, the participant authorizes the LLLC to communicate the results to his/her employer upon request, when the employer has paid the registration fees to the training and/or when this training is part of a training programme.

Registration

Ref Schedule Dates Place Day Register
Module I 9:00 - 16:30 19 and 26 April 2018 Luxembourg Thursday and Thursday
Module II 9:00 - 16:30 3 and 9 May 2018 Luxembourg Thursday and Wednesday
Module III 9:00 - 16:30 17 and 31 May 2018 Luxembourg Thursday and Thursday
Module IV 9:00 - 16:30 7 and 14 June 2018 Luxembourg Thursday and Thursday
Module V 9:00 - 16:30 21 and 28 June 2018 Luxembourg Thursday and Thursday
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Réf Horaire Dates Lieu Jours S'inscrire
Module I 9h00 - 16h30 20 et 27 mars 2018 Luxembourg Mardi et mardi
Module II 9h00 - 16h30 17 et 24 avril 2018 Luxembourg Mardi et mardi
Module III 9h00 - 16h30 2 et 8 mai 2018 Luxembourg Mercredi et mardi
Module IV 9h00 - 16h30 15 et 29 mai 2018 Luxembourg Mardi et mardi
Module V 9h00 - 16h30 5 et 12 juin 2018 Luxembourg Mardi et mardi