Handling Inside Information

About inside information, the publication thereof, insider trading, the grey zone, and practical dilemma discussions.

Duration
1-day session, provided as introduction to familiarise learners, and/or provided as periodic training. In any case, obviously, the latest updates are included, as well as the most recent cases.

When?
This workshop is provided each year:

• The Tuesday following the 3^rd Monday in February – Winter session
• The Tuesday following the 2^nd Monday in June       – Spring session
• The Tuesday following the 2^nd Monday in October  – Autumn session

Target groups
In general, suitable for any new recruit in a business, control or support function at a market operator, market facilitator or market participant and, in particular, suitable for any asset or plant manager.

Learning objectives:

• Being aware of the definition of inside information.
• Understand the sensitivity of inside information.
• Being able to assess whether or which information is classified as inside information.
• Conquer the publication of inside information, as well as the exceptions to it.
• Master practical knowledge about the publication of inside information.
• Get a clear overview of the inside information provisions in the regulation(s).
• Familiarise with insider trading and the prohibition thereof.
• Familiarise with criteria to detect abusive behaviour.
• Being aware of jurisprudence and sanctioning.

Content
The following topics will be addressed during the workshop:

• Inside information
  • Definition
  • Criteria to assess info and to identify whether it qualifies as inside information
    • Products in scope
    • Non-public information
    • Precise nature
    • Significant price impact
• Publication of inside information
  • What
  • Where (platform, media)
  • How (effective – correct & complete)
  • Who (function(s))
  • When (timely, exceptions)
• Inside information
  • Insiders
    • Managers, shareholders
    • Insider list
  • Recommending another person
  • Inducing another person
• Regulation, guidance & internal procedures
  • Absolute prohibition & obligation, but principles-based approach
  • Guidelines – Legally non-binding
  • Code of conduct
• Dilemmas
  • Conflicts of interest
  • Considering circumstances
    • Insider trading
  • Trading based on inside info
  • Order submission, amendment, cancellation & execution
  • Front running
    • Chinese walls
    • Signaling – Alarm / Flashing
• Jurisprudence & sanctioning
• Case studies
  • Actual cases
    • Sanctions
    • Settlements