This training course will provide attendees with a comprehensive instruction on the new European Union (EU) market abuse regulatory framework governed by the European Securities and Markets Authority (ESMA). It will train attendees on the legal obligations and operational framework for the new Market Abuse Directive (MAD 2) (Directive 2014/57/EU) and Market Abuse Regulation (MAR) (Regulation No 596/2014). The course will guide attendees through new obligations for trading venues (Multilateral Trading Facility (MTF), Organised Trading Facility (OTF), Emissions Allowances), issuers, financial services firms, and persons discharging managerial responsibilities (PDMRs). Attendees will obtain training on monitoring, detecting, and identifying suspicious orders and transactions under the new MAD 2 and MAR operational framework, and will also be guided through the new Buy-Back Programmes, Stabilisation Measures, Accepted Market Practices and Market Soundings provisions.

1. New Market Abuse Directive (MAD 2)
and Market Abuse Regulation (MAR)
Compliance Training Course
Training Course
This training course will provide attendees with a comprehensive instruction on the new European Union (EU) market
abuse regulatory framework governed by the European Securities and Markets Authority (ESMA). It will train attendees on
the legal obligations and operational framework for the new Market Abuse Directive (MAD 2) (Directive 2014/57/EU) and
Market Abuse Regulation (MAR) (Regulation No 596/2014). The course will guide attendees through new obligations for
trading venues (Multilateral Trading Facility (MTF), Organised Trading Facility (OTF), Emissions Allowances), issuers,
financial services firms, and persons discharging managerial responsibilities (PDMRs). Attendees will obtain training on
monitoring, detecting, and identifying suspicious orders and transactions under the new MAD 2 and MAR operational
framework, and will also be guided through the new Buy-Back Programmes, Stabilisation Measures, Accepted Market
Practices and Market Soundings provisions.
To Register
Contact: Client Sales
Telephone: UK + 44 (0)20 7846 0076
Email: customer.services@storm-7.com
Online: www.storm-7.com
23rd
May 2016
London
25th
May 2016
Frankfurt
27th
May 2016
Zurich
£495.00 + VAT
MAR Training Requirements
Article 4(1) of the new MAR 'draft regulatory technical standards on the appropriate arrangements, systems and
procedures as well as notification templates to be used for preventing, detecting and reporting abusive practices or
suspicious orders or transactions' requires that "Persons professionally arranging or executing transactions, market
operators and investment firms operating a trading venue shall organise and provide effective and comprehensive training
to the staff involved in the monitoring, detection and identification of suspicious orders and transactions, including the staff
involved in the processing of orders and transactions. Such training shall take place on a regular basis and shall be
appropriate and proportionate to the scale, size and nature of their business." Article 4(2) states that this training must also
be provided by market operators and investment firms operating a trading venue to staff involved in the prevention of
insider dealing, market manipulation and attempts of insider dealing and market manipulation.

2. Training Course Programme
09.00 am : Registration and Breakfast Tea and Coffee
09.30 am : SESSION 1:
The MAD 2 (Directive 2014/57/EU) and MAR (Regulation No 596/2014)
Operational Framework
• MAD 2 FRAMEWORK: (1) new minimum rules for criminal sanctions and criminal penalties and
liability for natural and legal persons; (2) new obligations for trading venues (Multilateral Trading
Facilities (MTFs), Organised Trading Facilities (OTFs), Emissions Allowances) and issuers; and (3)
application to spot commodity contracts and transactions; and (4) benchmark manipulation.
• MAR FRAMEWORK: (1) New financial instruments covered; (2) obligations and offences (issuer
disclosure of inside information; market soundings; transactions by persons discharging managerial
responsibilities; suspicious transactions reporting; algorithmic and high-frequency trading); and (3) New
whistleblowing obligations, reporting, protections, and financial incentives.
11.00 am : Tea and Coffee Break and Networking
11.30 am : SESSION 2:
MAR OPERATIONAL PRACTICES I: Suspicious Transaction and Order Reports
(STORs), Buy-Back Programme (BBP), and Stabilisation Measures
• STOR FRAMEWORK: (1) STOR content; (2) reasonably suspicious orders (RSOs) (detection, level of
suspicion, personnel training; cancellation and modification of orders); (3) Level II Regulatory Technical
Standards (RTS) obligations (general requirements, prevention, monitoring, detection, training,
reporting, timing, content, templates).
• BBP AND STABLISATION FRAMEWORK: (1) BBP exemption (trading in own shares); (2) qualifying
operational conditions (disclosure, reporting, limits); (3) qualifying programme conditions; (4)
Stabilisation of securities exemption; (5) qualifying operational conditions (duration, disclosure and
notification, price limits); (6) BBP and stabilisation measures Level II RTS compliance.
01.00 pm : Lunch Break
02.00 pm : SESSION 3:
MAR OPERATIONAL PRACTICES II: Accepted Market Practices (AMP) and
Market Soundings (MS)
• AMP FRAMEWORK: (1) Establishing legitimate reasons and conforming with accepted market
practice: (2) AMP Competent authority criteria (transparency, safeguards, market liquidity and
efficiency, trading mechanism, integrity of related markets, investigations, market structural
characteristics); (3) AMP Level II RTS compliance; (4) Competent authority reviews.
• MS FRAMEWORK: (1) MS operational framework (MAR, Article 11); (2) Procedural conditions and
obligations for market participants (written records, consent, obligations to inform); (3) ESMA MS
Guidelines; (4) Level II RTS and Implementing Technical Standards (ITS) on appropriate arrangements,
procedures and record keeping requirements.
03.30 pm : Tea and Coffee Break and Networking
04.00 pm : SESSION 4:
MAD 2 and MAR Compliance Programmes
• COMPLIANCE: (1) MAD 2 and MAR compliance programmes; and (2) modification of existing
Information Technology (IT) infrastructures.
• NEW EXEMPTIONS: (1) trading in own shares in buy-back programs; (2) trading in securities for the
stabilization of securities exception and eligibility conditions; (3) public authorities in pursuit of monetary,
exchange rate, or public debt management policy; (4) EU Agricultural Policy and Climate Policy; (5)
Chinese Walls.
• NEW POWERS AND SANCTIONS: (1) Minimum Supervisory and Investigatory Powers (document
and data access; interviews; dawn raids, inspections, recordings, data traffic, telecommunications
operators, temporary prohibitions); (2) Administrative Sanctions and Measures; (3) Financial Penalties
(individuals, companies).
05.30 pm : Closing Remarks

3. Key Benefits
 Advanced knowledge and understanding of key
operational areas and compliance functions
affected by MAD 2 and MAR (substantive
obligations, sanctions, offences, STOR,
accepted market practices, market soundings)
 Comprehensive training course presentations
and documentation and training course materials
 Pre-Course Questionnaire to identify attendee's
key objectives
 Post-Course Expert Trainer follow-up to ensure
all key Training Course objectives have been
met
 The Training Course can contribute to an
individual's annual CPD requirements
Course Suitable for
 Analysts
 Compliance Officers and Managers
 Dealers
 Directors
 Emission Allowance Market Participants
 Financial Services Firms
 Fund Managers
 Heads of Risk and Operations
 In-House Legal Counsel
 Issuers
 OTFs; MTFs; Regulated Stock Exchanges
 Risk Officers and Managers
 Senior Managers
 Trading Platforms
Course Expert Trainer Biography
Rodrigo Zepeda is an expert consultant who specialises in derivatives and financial services law, regulation, and
compliance. He holds a LLM Masters degree in International and Comparative Business Law, has been an Associate of
the Chartered Institute for Securities & Investment since 2004, and has passed the New York Bar Examination. He is a
Reviewer for the Journal of Financial Regulation and Compliance and has also published widely in leading industry
journals such as the Capco Institute's Journal of Financial Transformation, the Journal of International Banking Law and
Regulation, as well as e-books on derivatives law. Noted publications include "Optimizing Risk Allocation for CCPs
under the European Market Infrastructure Regulation"; "The ISDA Master Agreement 2012: A Missed Opportunity"; "The
ISDA Master Agreement: The Derivatives Risk Management Tool of the 21st Century?"; "To EU, or not to EU: that is the
AIFMD question"; and "The Industrialization Blueprint: Re-engineering the Future of Banking and Financial Services."
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Media Partners
The new EU market abuse framework set to come into force on 3
July 2016 will usher in comprehensive Pan-European reforms of
market abuse regulation, necessitating sweeping changes to
financial services firms' operations and practices