This course will provide you with an understanding of what the MAR means to your firm and your employees. The course focuses on the rules and the practical application of systems and controls to identify and reduce the risk of market abuse.
The FCA states that “Preventing, detecting and punishing market abuse is a high priority for us.”
For breaches of MAR the FCA has the power to impose significant penalties, including unlimited fines, order injunctions or prohibit regulated firms or approved persons, so it is vital that employees are made aware of what market abuse is and the need for strict compliance.
Weaknesses identified by the FCA, coupled with the stated intention of the FCA to take action against more individuals and firms by way of enforcement and prosecutions, means that all firms should be taking appropriate action to ensure effective systems and controls are in place to manage the risk.
Controls include systems and controls for detection and the provision of effective training to employees. An FCA Thematic review stated the following as being “Good Practice” with regard to training:
“Approximately half the firms had face to face training to complement on line training. This encouraged debate of real life scenarios and a full understanding of how market abuse rules apply in practice. Three firms used examples in training from their own experiences of fund managers and analysts inadvertently receiving inside information, to promote awareness of this risk.”
Following attendance at this course, delegates will be able to:
- Understand the background to the creation and implementation of MAR & CSMAR
- Explain the link between the FCA objectives and Market Abuse
- Describe the behaviours that constitute Market Abuse
- Be aware of the penalties for Market Abuse and a failure to have appropriate and effective systems and controls, including for detection and reporting
- Consider recent examples of enforcement and prosecutions for Market Abuse
- Benchmark the firm’s policies, systems and controls to prevent Market Abuse
- The FCA objectives and the link to Market Abuse
- The Market Abuse regime in the UK
- The criminal and civil offences, potential punishments
- Scope – which territorial, which investments and which markets?
- The civil market abuse offences
- Secondary offences and potential defences
- Policies, procedures and controls
Course aimed at: Senior managers; Compliance Officers; Internal Auditors and all other staff in financial service industry firms.
This course can also be delivered at your office and be tailored to your specific requirements.
If you would like to discuss your training requirements in more detail please contact Graham Dix on +44 (0)20 7484 3987 or your usual ACA consultant.