Market Abuse Workshop

The Regulatory Environment

• Market abuse regulation training (MAR) delves into: What the regulation is

• What it means

• Why it matters

What the regulatory environment covers and its main offences

Systems and controls

Links to SMCR expectations – proper standards of market conduct

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

This session provides a detailed overview of key focus areas and practical considerations for your FCA market abuse regulation review.

• Prohibitions

• Colluding

• Market open/close (Goenka)

• Profiting from voicing an opinion

• Insider Trading Investigations (Tabernula)

• Pre and post-trade considerations

• STORs and context for suspicion

Indications of Execution Market Manipulations

• Wash Trades

• Painting the tape

• Marking the close

• Pump and Dump / Trash and Cash

• Layering and Spoofing

• Colluding in the aftermarket of an IPO

• Placing orders with no intention of executing

Case Study Analysis

• Recent fines, activities and regulatory comments to include: Horn (Stifel)

• Abbattista (Fenician Capital Management)

• Gorman (Braemar)

• Gent (ConvaTec)

Summary

Concluding with an open forum, participants have the opportunity to discuss real-world scenarios, clarify complex issues and explore the practical application of regulatory principles. Interactive market abuse training encourages questions, promotes peer learning and reinforces key concepts covered throughout the course.

Training Objectives

Market abuse training is designed to provide participants with a comprehensive understanding of the risks, implications, and real-world consequences of market abuse in today’s regulatory environment. Sessions combine technical insight with practical application to ensure long-term value for attendees.

Key areas of focus include:

• A detailed focus on the risks present in today's market environment. We will explore their nature, significance and the reasons they are particularly relevant from a market abuse compliance and regulatory perspective.

• An in-depth review and analysis of industry-relevant case studies. Sessions examine the circumstances surrounding each case and the valuable insights and lessons they provide.

• This market abuse course equips you with the insights, tools and practical knowledge required to apply key concepts to real-world situations. Effective compliance is sustained long after training concludes.

Training Course Summary

MAR was first introduced in July 2016. The FCA continues to fine individuals and high-profile firms in the fund industry for breaches. Combined with the need for ongoing market abuse regulation training and increased accountability under the SMCR (Senior Managers and Certification Regime), senior managers must maintain continuous vigilance regarding risk within their firms.

Training at Redcliffe explores this subject in depth. Participants examine MAR implications, the firm's obligations to demonstrate staff awareness and compliance alongside the need to implement appropriate systems and controls. Training ensures comprehensive coverage of all relevant aspects, ensuring participants leave with a thorough understanding of the regulatory expectations and best practices.

Course Format:

• Duration is a half-day classroom-style format delivered interactively

• Training can be made available as an online series at your request

At Redcliffe Training, our Market Abuse course is delivered by a time-served expert with dedicated industry experience. Participants are given the option to fully customise content based on the team's needs.