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
