MAD as a March hare

The reviews of the Market Abuse Directive (MAD II) and proposed EU Market Abuse Regulation (MAR) continue to run their course through the European trilogue process, with final Level 1 agreement expected to keep pace with the MiFID review spanning out into the second half of 2013. MAD II and MAR will bring increased obligations on firms, including criminal sanctions, in the event of market abuse – intentional or otherwise. In the meantime, take a look at our MAD II at a glance for an overview of the existing regulation.

The ESMA guidelines on systems and controls in an automated trading environment, published last May, focused regulators’ attention. Sell-side firms are under greater pressure than ever to demonstrate that they have adequate systems in place to monitor their own and their clients’ trading activity for market abuse, identify suspicious transactions and report them to the regulator.

The global effort to spring clean the markets and restore confidence has already seen US regulators, along with the FBI, turn up the heat state-side. Market abuse and manipulation is public enemy number one, to be rooted out and chased across borders. As high profile prosecution cases continue to hit the headlines, with the accompanying reputational and financial impact, are you in good shape to meet the challenges of regulation and enforcement?

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