Practical application of market abuse rules (FICC)

UK Market Abuse and Enforcement

This session will cover the practical application of the EU Market Abuse Regulation in the context of FICC trading, focusing on the UK. The session will highlight typical challenges that firms encounter when applying the rules and will also consider the way in which the UK’s regime has changed since the implementation of MAR. The session will also feature a review of recent FCA enforcement trends and will consider what we are likely to see in 2018 and beyond.

The goal of the session is provide participants with the knowledge and insight necessary to ensure that their own firms’ controls reflect legal requirements and regulatory expectations, reducing regulatory risk.

Who should attend?

Staff in legal, compliance and operations at any level of seniority
Staff in trading functions at any level of seniority

Please see below for a full overview of the session.

Speakers

Darren Fox

Partner, Simmons & Simmons

Key learning objectives and course outline

Key learning objectives

At the end of the session participants will be able to:

Describe the key elements of the regime
Assess how the regime applies to their firm and the products it trades
Understand the FCA’s expectations when it comes to practical application of the rules
Identify steps they need to take to ensure compliance with the rules

Course outline

An explanation of the scope of the EU regime (instruments and markets covered and extra-territoriality)
A detailed walk-through of the six behaviours that are covered by the regime (insider dealing, unlawful disclosure, manipulating transactions, manipulating devices, dissemination and benchmark manipulation) with particular focus on those behaviours with greatest relevant to the buy-side
An explanation of the techniques used by EU regulators to detect suspected instances of market abuse (with particular focus on surveillance and STORs) and what happens in practice when they launch a first stage enquiry (including the problems that can often result from poorly worded communications).
A run through of recent enforcement cases and trends, focussing on lessons from recent case law and the FCA’s bias towards (and “hardline” approach in relation to) criminal prosecutions
A workshop session which will feature a series of strategy-specific case studies designed to demonstrate the application of the rules in practice and the techniques that firms can deploy to manage the risks.

Prices

Standard members' rate: £275 + VAT

Standard non-members' rate: £375 + VAT

Cancellations and refunds

Any cancellation must be made in writing. For any 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.