Market Abuse: Operational Compliance
In-House Training Programme (1 Day)
Introduction and set-up
The MAD 2 (Directive 2014/57/EU) and MAR (Regulation No 596/201 4) Operational Frameworks
■ MAD 2 FRAMEWORK: (1) new minimum rules for criminal sanctions and criminal penalties and liability for natural and legal persons; (2) new obligations for trading venues (Multilateral Trading Facilities (MTFs), Organised Trading Facilities (OTFs), Emissions Allowances) and issuers; and (3) application to spot commodity contracts and transactions; and (4) benchmark manipulation.
■ MAR FRAMEWORK: (1) New financial instruments covered; (2) obligations and offences (issuer disclosure of inside information; market soundings; transactions by persons discharging managerial responsibilities; suspicious transactions reporting; algorithmic and high-frequency trading); and (3) New whistleblowing obligations, reporting, protections, and financial incentives.
New Market Abuse Exemptions, Powers, and Sanctions
■ NEW EXEMPTIONS: (1) trading in own shares in buy-back programs; (2) trading in securities for the stabilization of securities exception and eligibility conditions; (3) public authorities in pursuit of monetary, exchange rate, or public debt management policy; (4) EU Agricultural Policy and Climate Policy; (5) Chinese Walls.
■ NEW POWERS AND SANCTIONS: (1) Minimum Supervisory and Investigatory Powers (document and data access; interviews; dawn raids, inspections, recordings, data traffic, telecommunications operators, temporary prohibitions); (2) Administrative Sanctions and Measures; (3) Financial Penalties (individuals, companies).
Identifying Market Abuse, Insider Dealing, and Unlawful Disclosure of Information Behaviour in Practice
■ MARKET ABUSE BEHAVIOUR: (1) Insider Dealing Signals and Examples; (2) Market Manipulation Signals and Examples; (3) Unlawful Disclosure of Information Signals and Examples; (4) Cross-Market Manipulation.
■ STOR FRAMEWORK: Analysing the STOR template- (1) Identity of entity/person; (2) Transaction/Order; (3) Description of the nature of the suspicion; (4) Identity of Entity/Person suspected; (5) Additional Information; (6) Documentation.
Implementing and Updating Market Abuse Compliance Programmes
■ PREVENTION AND DETECTION: (1) Systems and Processes; (2) Reporting Capabilities; (3) Training Requirements; (4) justifying surveillance appropriateness and proportionality based on scale, size, and nature of business activities.
■ OPERATIONAL COMPLIANCE: (1) Developing MAD 2 and MAR compliance programmes and manuals; (2) Pre-Trade Controls and Surveillance (real-time and post-trade); (3) Insider Lists; (4) Record Keeping, STOR storage; (5) Investment Recommendations; (6) documenting surveillance procedures.
CLIENT QUESTIONS AND ANSWERS AND REVIEW SESSION
TO ENQUIRE ABOUT THIS PROGRAM OR TO BOOK PLEASE COMPLETE THE FORM BELOW: