About the Course

The learning objectives for this programme are:

• Mastering the regulation (MAR), including the related directive (MAD II),
• its objectives and its implications for organisations and professionals;
• To embed integer behavior, to test integrity and to become compliant
• with MAR provisions;
• Formulate criteria which have to be taken into account in order to identify
• inside information and/or market manipulation;
• Being able to apply these criteria in the decision making process;
• To weigh alternatives and judge what is the most optimal decision in
• practical cases.
• Familiarizing with the (potential) consequences for traders;
• Familiarizing with reporting of suspicious activities (STOR);
• Being able to cope with dilemma’s in decision making processes;

Course Contents

Introduction

• Background, history & purpose of MAR / MAD II.
• Secundary legislation, plus differences with REMIT.

Scope

• Markets, market participants & products in scope of MAR?
• Financial instruments, plus geographic scope.

Handling inside information

• Criteria to quality info as inside info, consequences and more.
• Prohibition of unlawful disclosure.
• Emission allowances market participant (EAMP) has to publish i.i.

Insider dealing

• Prohibition of insider dealing. What is it? What is legitimate?
• Persons charged with the execution of orders & insiders.

Market manipulation – Basics

• Prohibition of market manipulation & attempted manipulation.
• Indicators of market manipulation + Accepted market practices.

Market manipulation – Market cornering

• The concept of “cornering” is explained.

Market manipulation – Spoofing & Layering

• In-depth explanation of the application of “spoofing” / ”layering”.

Market manipulation – Pump & dump

• The concept “pump & dump” is explained, plus “trash & cash”.

Market manipulation – Cross-market manipulation

• Examples of “cross-market manipulation”, incl. physical-financial.

Real life cases & jurisprudence

• Various case studies, incl. cornering, layering and cross-market.

Market monitoring & surveillance

• Professional persons arranging or executing transactions (PPAET)
• Why energy firms are in scope; in-house prevention & detection.
• Suspicious transaction or order report (STOR) & insider lists.

Sanctioning

• European minimum sanctions (administrative + criminal).
• National implementation.

Exam & Certification