ΠΕΡΙΓΡΑΦΗ

Market Abuse is a regulatory offense that encompasses various illicit activities aimed at manipulating financial markets for personal gain, as well as undermining the fairness and efficiency of financial markets, posing a threat to the overall stability of the economy. 

Market Abuse framework comprises from (i) 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 (ii) Directive 2014/57/EU on criminal sanctions for market abuse (CS MAD), was entered into effect as from 3 July 2016. 

Market Abuse framework is a European Union legislative framework and aims to ensure the fairness and stability of financial markets as well as to create a level playing field for all economic operators in the Member States as part of the effort to combat market abuse. 

Market Abuse framework merely consists of insider dealing, unlawful disclosure of inside information, and market manipulation. 

Regulatory authorities across EU enforce strict rules and regulations and put significant emphasis on their monitoring role in an effort to combat market abuse and protect market participants. Through surveillance and investigation, regulatory authorities strive to identify and prosecute individuals engaged in market abuse activities.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

By the end of the programme participants will:

• Understand the concept of market abuse and its different components
• Understand the Market Manipulation practices
• Know the risk deriving from unlawful actions
• Recognise the types of behaviour classed as market abuse
• Observe the market rules in relation to insider lists, disclosure of managers’ deals, research disclosures and safe harbours
• Understand trade surveillance rules and practices for implementation
• Know when and how to report suspicious transactions and blow the whistle
• Understand the MAR disclosure requirements
• Become familiar with MAR challenges and understand CySEC expectations

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

The programme is ideal for financial service professionals at banking and investment level, as well as financial service providers and/or advisors:

• Managers / Senior Managers
• Compliance Officers / Legal Officers
• Front-line professionals
• Internal Auditors
• Any person who provides investment services
• External auditors, lawyers and consultants

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

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) / Market Abuse Law L.102(Ι)/

• Overview
• Insider dealing and market manipulation
• Administrative measures and sanctions under the regulation 

ESMA’s Report on administrative and criminal sanctions under MAR 

• Sanctions and measures imposed under MAR 

MAR Guidelines Persons receiving / sending market soundings 

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

Managers’ transactions

• Disclosures to issuer’s website and CySEC notification
• Monitoring and prohibitions 

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 training style will include the presentation of all the material using slides and handouts. The trainer will use practical examples to elaborate various concepts and encourage class discussion. 

Participants will engage in exchange of ideas and sharing of knowledge on the subject matter. Participants will also be able to ask questions and obtain clarifications from the trainer on the material covered. 

Participants will have the opportunity to benchmark experiences with industry peers and raise issues of most concern to their organisation, either confidentially or in open session in a Q&A Session. 

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.