PIMFA Live Online Learning: Market Abuse – are you doing enough?

The FCA is turning up the heat on Market Abuse. In December 2022, the FCA fined three broker firms £4,775,200 for ‘failing to ensure they had appropriate systems and controls in place to effectively detect market abuse’.

But that’s not all. 

The recent £80,000 fine imposed by the regulator on a chair of a listed company for market abuse and an August ‘Dear CEO letter’ insisting that market abuse controls be improved’ are reminders for PIMFA member firms to ensure they are on the right side of the Market Abuse regulation.

The FCA expects all firms to have a deep understanding of their market abuse risk, and build control frameworks that are both proportionate and effective however recent market abuse reviews by consultancy firm Bovill in wealth firms indicate they are struggling to properly assess, understand and articulate the specific market abuse risks inherent in their business.

In this 3-hour interactive, online training course leading consultants Bovill reveal where wealth firms are falling foul of regulatory expectations and what they need to implement effective policies and procedures to control market abuse risks posed by remote working.

By attending this three-hour refresher session you will be able to:

• Grasp what the FCA expects from your firm to prevent market abuse in 2022
• Understand where wealth firms fall short of FCA expectations
• Recognise common market abuse risk areas in your firm
• Improve monitoring ongoing compliance risk

As with all our PIMFA live online learning sessions we provide ‘surgery’ time at the end of each session with the trainer to support you applying what you’ve learnt immediately back into your firm.

About your trainers

Damon Batten is an expert in global regulation for traded markets and post-trade activities. Focussing primarily on Brokers and the Sellside, Damon helps clients to understand the impact of the growing regulatory burden on their business – including MiFID 2, EMIR, CFTC Swap Dealer, Mandatory Clearing, Bilateral Margin and the new global Prudential standards (SA-CCR and FRTB). In many cases, this has included assisting with interpreting the extra-territorial impact of EU and US rules, for clients across APAC, South Africa and the Middle East.

Monica Rodriguez  is a Consultant at Bovill in the Capital Market practice, assisting clients globally in the development of their risk assessment, policies, and procedures around market abuse. Monica joined Bovill after eight years at the Financial Conduct Authority, where she spent nearly four years working in the Market Conduct and Surveillance Division investigating cases of market abuse, before moving into the Wholesale Policy Division to help developing the Market Abuse Regulation (MAR) and advising sell-side, buy-side and issuers on the implementation of MAR. During her time at the FCA, Monica also worked on the Fair and Effective Market Review (FERM) in the development of the FX Global Code; the market abuse strategy around systems and controls and on Brexit related issues around MAR and transaction reporting under MiFID II and MiFIR.

For any queries please contact learning@pimfa.co.uk

The PIMFA Learning Experience: