Market Abuse Regulation (MAR)

This course covers the restrictions in English law and regulation on behaviour constituting market abuse, following the “onshoring” of the requirements the EU Market Abuse Regulation (MAR) at the end of the Brexit transitional period. Comparison material with other key jurisdictions, such as the EU and the US, where UK based managers may be trading is also included.

The course also covers systems and controls implications for asset managers, including the obligation to file Suspicious Transaction and Order Reports where market abuse is suspected.

There is still limited guidance from regulators on some key concepts impacting the scope of the restrictions. This means that investment management firms, and individuals within them, must work to keep abreast of developments in the approach of regulators, industry bodies and peer firms to interpreting and implementing the requirements. This course is designed to assist in that process.

This course features an increased use of case studies compared with our past courses on market abuse.

Key Learning Objectives:

• Understand the market abuse behaviours prohibited
• Consider the impact of the restrictions on the investment process, including order management
• Examine the obligations on investment management firms to detect and report suspicious transactions and orders
• Be aware of linked obligations such as the restrictions on market soundings
• Test your knowledge using multiple scenarios

13:30 Introduction: background to the workshop and introduction to the course objectives

13:55 Overview of the restrictions on market abuse

• The behaviours constituting insider dealing and market manipulation
• Financial instruments in scope
• Extraterritorial reach
• Comparison with other relevant jurisdictions

14:00 Misuse of inside information

• How to identify inside information
• Restrictions on:
• Insider dealing
• Recommending/inducing others
• Unlawful disclosure of inside information
• Market soundings

14.30 Case Studies: to highlight the issues involved in identifying inside information and the practical impact on investment decisions

15:05 Break

15:20 Market manipulation

• Restrictions on:
• Manipulating behaviour
• Disseminating false or misleading information
• Manipulating benchmarks

16:05 Case Studies: highlighting the issues in identifying whether trading behaviour is or is not permissible

16:20 Detecting and reporting suspicious transactions and orders

16:30 Conclusions

This training course is run under the Chatham House Rule, for reference please see here

Aimed at investment staff. Suitable as a refresher course or as an introductory course.

Angela Hayes

Angela is a partner in DAC Beachcroft’s financial services team in London focusing on investigations, enforcement defence and regulatory advice. Angela has more than 20 years’ experience in this field.

Before joining DAC Beachcroft, Angela’s career has included spending 12 years as a partner in the London office of leading US-headquartered law firms. Angela has led many major regulatory investigation and defence projects, including coordinating cross-border multi-jurisdictional matters, involving the FCA, SFO, DOJ, SEC, NY DFS and other regulators in Europe and around the globe.

Angela's clients include banks, brokers, insurers, investment funds, asset managers and senior individuals within regulated institutions. Angela brings to our team particular expertise in market abuse investigations and regarding the asset management sector.

Angela is a member of the City of London Law Society Regulatory Law Committee.

IA Member £395.00 +VAT

Non-Member £545.00 +VAT

Pay using a credit card online, or if you wish to be invoiced please email your full details to: Training@theia.org

PLEASE NOTE: Full payment for the course must be made prior to the course commencement date.

• Any cancellation must be made in writing.
• For all cancellation received 15-30 days prior to the course start date, 50% of the course fee is still payable.
• No refund is given for a cancellation made 14 days or less prior to the commencement of a course.
• Transferring from one course to another is treated as a cancellation.
• You can substitute one delegate for another at no additional cost. In this instance, please give two business days’ notice.

Hybrid Training Courses:

We will continue to monitor and follow government guidance regarding coronavirus (Covid-19) to ensure the safety of our team and our members. Please be advised some training courses could change from hybrid delivery (being held in-person and virtually) to solely virtual delivery, should government guidance require.

There are a limited number of in-person spaces available on this course and this will be allocated on a first come first served basis.