This eLearning course provides comprehensive training on the Market Abuse Regulation (MAR), which is designed to detect, prevent, and punish market abuse in financial markets. Market abuse undermines market integrity and investor confidence, and the regulatory framework imposes significant obligations on firms and individuals to prevent and report it.
The course begins by explaining the three main categories of market abuse: insider dealing, unlawful disclosure of inside information, and market manipulation. For each category, the training provides clear definitions, practical examples, and an explanation of the legal tests that apply. Insider dealing is explained as the use of inside information to deal in financial instruments or to cancel or amend orders. Unlawful disclosure covers the unauthorised sharing of inside information. Market manipulation includes both transaction-based manipulation and the dissemination of false or misleading information.
The training addresses the obligations that MAR places on firms and individuals, including the requirement to establish and maintain effective arrangements to detect and report suspected market abuse. It covers the suspicious transaction and order report (STOR) obligation, explaining when a report must be made, the process for making a report, and the protections available to those who report. The course also covers the requirements around insider lists, personal account dealing, and the disclosure of inside information under the market soundings regime.
The course explains the penalties for market abuse, which can include unlimited fines, imprisonment, and public censure, and the enforcement powers of both the FCA and the market abuse regime. Upon completion, learners will understand what constitutes market abuse, their obligations under MAR, and how to identify and report suspicious activity.
