Market Abuse and Trade Monitoring

Regulation No 596/2014 on market abuse (MAR), repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Directive 2014/57/EU on criminal sanctions for market abuse (CS MAD) were published in the Official Journal of the European Union on 12 June 2014 and were applied as from 3 July 2016.

MAD is intended to guarantee the integrity of European financial markets and increase investor confidence. Any unlawful behaviour in the financial markets is prohibited. The concept of market abuse typically consists of insider dealing, unlawful disclosure of inside information, and market manipulation.

MAR aims at enhancing market integrity and investor protection.

To this end MAR updates and strengthened the existing MAD framework by extending its scope to new markets and trading strategies and by introducing new requirements.

Training Objectives

By the end of the programme participants will:

• Understand the Regulatory framework
• Understand the Market Manipulation practices
• Know the risk deriving from unlawful actions
• Understand the disclosure requirements
• Challenges from MAR and the Regulatory framework
• Administrative and Criminal Sanctions following the MAR
• Elaborating technology to assist on the trade surveillance

Training Outline

Market Abuse Regulation (Regulation 596/2014) (MAR)

• General Provisions
• Inside information, insider dealing, unlawful disclosure of inside information and market manipulation
• Disclosure requirements
• ESMA and Competent Authorities
• Administrative measures and sanctions
• Delegated acts and Implementing acts
• ANNEX I on the indicators of manipulative behaviour

Directive 2014/57/EU (CSMAD)

• Executive summary of the directive Market Abuse Law L.102(Ι)/2016
• Insider dealing and market manipulation
• Administrative measures and sanctions under the regulation

ESMA’s annual report (2019) on administrative and criminal sanctions under MAR

• Sanctions and measures imposed in 2018 under MAR

MAR Guidelines Persons receiving market soundings

• Compliance and reporting obligations
• Guidelines for persons receiving market soundings

Trade Surveillance and Market abuse in practice

• Practical review of a solution for surveillance
• Ensuring that necessary updates are applied on time
• Getting the Compliance help and advice from your vendor
• Market Abuse strategies i) Front Running, ii) Quote Stuffing, iii) Ping Orders iv) Spoofing, v) Wash trading vi) Pump and dump

Training Style

The programme will be delivered using a variety of learning methods.

The programme will be participative, including short lectures supported by power-point presentations that aim to explain the main issues while providing the grounds for in-depth discussion and debate.

Several case studies and examples will be used for hands on participation.

CPD Recognition

This programme may be approved for up to 5 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

Professionals requiring CPD units to meet the education requirements for CySEC licence renewal, and/or for maintaining other professional memberships/certifications which accept CPD in Financial Regulation, are advised to consider training subjects in categories that indicate CPD training in Financial Regulation.

Who Should Attend

The programme is ideal for:

• Managers and Senior Managers in Investment Firms
• Compliance Officers
• Internal Auditors
• Internal Lawyers
• External Auditors, Lawyers and Financial Consultants
• Dealing room officers and Executives
• Risk Managers