1. Types of financial markets and their role in the economy cycles. Financial market participants, classes of financial assets and types of transactions. (1 hour)

2. Main characteristics of financial instruments. Risks and returns. Systematic and unsystematic risk. Relationship between risk and return. Facts of economic life that influence investor behavior. (1 hour)

3. Fiscal policy and public finances. Monetary policy of leading central banks. The role of central banks and the role of regulators. Mega-regulator. The results of mega-regulation, what is the current situation with the regulation of financial markets. What are its advantages and disadvantages of mega-regulation. Risk oriented approach. (2 hours)

4. Why do financial markets need regulation? The emergence and history of legislation on the regulation of financial markets and investor protection. (2 hours)

5. How does regulation in the US differ from regulation in the EU? Are there any similarities/differences between state and member state regulation in the EU? (1 hour)

6. Regulatory and prudential legislation of the European Union and member states related to the regulation of the financial market. (1 hour)

7. Objectives of portfolio creation and the main stages of the portfolio management process (determining the client’s risk profile, forming an investment policy, allocation, selection of instruments and portfolio creation, portfolio monitoring and rebalancing). (3 hours)

8. Funds and types of fund management (types of funds, including life cycle funds, investment fund documentation, active and passive management). (3 hours)

9. History of MIFID development. Purpose and scope of MiFID II. (8 hours)

9.1. Application area;

9.2. Basic definitions;

9.3. Clients;

9.4. Markets;

9.5. Products;

9.6. Conformity assessment;

9.7. Disclosure requirements;

9.8. Investment consulting and asset management. Chinese Walls;

9.9. Protection and segregation of client assets;

10. Identification and control of proliferation. (6 hours)

10.1. Client, identification and acceptance of clients, identification of beneficial owners. Restriction regimes and sanctions regimes. Researching the origin of client funds to obtain investment services.

10.2. Correspondent relations.

10.3. Monitoring customer transactions (including MAR).

10.4. Mechanisms to counter the proliferation of money laundering and terrorist financing in financial markets. Responsibility of intermediaries and consultants, other market participants.

11. Obligations of financial market participants to inform financial intelligence agencies, regulators in the field of combating the proliferation of money laundering and terrorist financing, and other regulatory bodies. (4 hours)

11.1. Cooperation with supervisory and currency control institutions.