Market Abuse Workshop

The regulatory environment

• MAR; What is it? What does it mean? Why does it matter?
• What it covers / Main offences
• Systems and controls
• Links to SMCR expectations – proper standards of market conduct
• The interconnected nature of MAR, Competition law and Industry standards

Key behaviours

• Insider dealing (PAD and why it’s vital to prevention) (Lyttleton)
• Improper disclosure (Hannam)
• Manipulating transactions / devices (LIBOR)
• Encouraging (Ammann)
• Market Manipulation
• Dissemination
• Misleading behaviour and distortion

Key focus areas and practical considerations

• Prohibitions
• Benchmarks
• Colluding
• Market open/close (Goenka)
• Profiting from voicing an opinion
• Insider Trading Investigations (Tabernula)
• Pre and post-trade considerations

Indications of execution market manipulations

• Abusive Squeezes
• Wash Trades
• Painting the tape
• Phishing
• Ping Orders
• Marking the close
• Pump and Dump
• Layering and Spoofing
• Trash and Cash
• Colluding in the after-market of an IPO
• Placing orders with no intention of executing

Case study analysis

• Recent fines, activities and regulatory comments to include:
  • Horn (Stifel)
  • Gamestop
  • Abbattista (Fenician Capital Management)
  • Gorman (Braemar)
  • Gent (ConvaTec)
  • Citigroup
  • Sigma Broking Ltd.

Summary

• Open forum

Our market abuse course trainer has over 20 years of experience in compliance and risk management leading European and Global functions in Wealth Management divisions, custodians and global banks. An ex-regulator, he specialises in regulatory and financial crime compliance and has provided consultancy to retail, private and commercial banking operations as well as fund managers and investment houses.

• A focus on market abuse risk in the current environment; what it is, what it means and why it matters.
• Case study analysis – what we can learn from cases that have directly impacted our industry.

• This market abuse workshop is broader than just MAR (Market Abuse Regulation) compliance; we examine the full landscape of market abuse; what it is, what it means and why it matters.
• We consider key market abuse regulation training techniques and what you need to be vigilant of.
• Regularly refreshed case studies, focusing on what happened and interpreting the regulatory commentary.
• Practical and insightful takeaways on how to review and assess your current practices to deliver market abuse compliance.

This Market Abuse workshop is essential for:

• Investment staff within authorised firms and funds
• CCOs and Compliance staff
• Relevant operations and support staff

The Market Abuse Regulation (MAR) was introduced in July 2016 and the FCA continues to fine both individuals and high-profile firms in the fund industry for breaches. Along with the focus on increased accountability under the SMCR (Senior Managers and Certification Regime) regulation, senior managers need to ensure there is ongoing vigilance in respect of market abuse risk in their firms. This includes understanding what it means, their obligations to demonstrate awareness and adherence throughout their staff and the appropriate introduction of relevant systems and controls.

Format

• Duration is as a half-day classroom Market Abuse workshop training program
• It can also be made available as an online webinar series