Regulation

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


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