Jul 31 / Evdokia Pitsillidou

Comply with Market Abuse as per MiFID and MiCA in 2025

about the author


Evdokia Pitsillidou

Global Chief Risk & Compliance Officer

Evdokia, a partner at SALVUS Funds, is actively advising and working on all matters related to licensing, regulatory compliance, and internal audit for investment firms, funds, Electronic Money Institutions (EMI) & Crypto-Asset Services Providers (CASP).


Member of the Global Institute of Internal Auditors (IIA)

Member of the Cyprus Investment Funds Association (CIFA)

Certified Actuarial Analyst (CAA)

CySEC Advanced Certified Person

CySEC certified Anti-Money Laundering Compliance Officer (AMLCO)

o   Issuer Obligations o   Delay of disclosure o   Delay of disclosure Q&As o   Disclosure of inside information o   Insider list o   Managers’ transactionsWith 2025 marking a pivotal year in regulatory convergence, compliance professionals across the EU must brace for a tighter framework addressing market abuse — not only in traditional financial instruments, but also in crypto-assets.

At the Institute for Professional Excellence (IforPE), we designed the CPD-accredited course “Comply with Market Abuse Regulation as per MiFID & MiCAR in 2025” to help you understand and apply the rules that govern both worlds. Taught by Evdokia Pitsillidou, Risk & Compliance Director at SALVUS, this course offers practical insights into insider dealing, market manipulation, and CySEC’s supervisory expectations.

A dual framework: MiFID + MiCAR


Until recently, Market Abuse Regulation (MAR) — established under MiFID II — applied primarily to financial instruments traded on regulated markets. With the advent of MiCAR (Markets in Crypto-Assets Regulation), similar abuse prevention principles are now extended to crypto-assets, such as utility tokens and stablecoins traded on crypto exchanges.

This dual coverage means that compliance officers must be fluent in:

  • Article 7 of MAR (Inside Information),
  • Article 14 of MAR (Insider Dealing),
  • MiCAR’s market integrity provisions, which replicate and adapt MAR principles for crypto-assets.


Our course introduces these legal foundations and explores their real-world enforcement.


Understanding Inside Information and Insider Dealing
Inside information isn’t just about unpublished financial results. It encompasses any non-public, precise, price-sensitive information that would influence the decisions of a reasonable investor or token holder.

Misuse of such information — known as insider dealing — can take many forms:
  • Buying or selling financial instruments or crypto-assets,
  • Cancelling or amending orders,
  • Recommending others to trade

We explain the legitimate exceptions (e.g. market makers, public takeovers) and provide examples of front-running and information processors to highlight the subtle boundary between compliance and misconduct.

Market Manipulation - Across Instruments and Tokens

Market manipulation is not exclusive to traditional trading venues. Under MiCAR, the same scrutiny applies to crypto markets, with authorities examining:

  • Fake orders, wash trades, or spoofing,
  • Spreading false or misleading signals about supply, demand, or price,
  • Pump-and-dump schemes on social media or private channels.

Our IforPE workshop equips learners to identify these tactics and design internal monitoring systems capable of flagging suspicious behaviours, whether on MiFID trading venues or crypto exchanges.

CySEC Supervision – Focus Areas in 2025


As Cyprus-based firms already know, CySEC has taken an active role in supervising market abuse obligations. Recent inspections focus on:

  • Timely disclosure of inside information, especially around crypto-token launches,
  • Recording and documentation of market soundings, where firms test investor appetite,
  • Ongoing staff training on how to distinguish between public and privileged information.


Through SALVUS’ hands-on experience and case studies, our course guides you in preparing your firm for scrutiny.


What are the Comply with Market Abuse as per MiFID and MiCAR in 2025 course and what does it include?

The Comply with Market Abuse as per MiFID and MiCAR in 2025 course is developed by SALVUS and delivered by Evdokia Pitsillidou. It is specifically designed for professionals working at CASPs, CIFs, and other entities supervised by CySEC or the CBC. The course is equally relevant for AML Compliance Officers, legal professionals, internal auditors, and risk management personnel seeking to align with the latest Market Abuse Obligations.


The syllabus of the Comply with Market Abuse as per MiFID and MiCAR in 2025 course includes:

What is Market Abuse

 
  • What is Market Abuse?

     - Insider dealing
     - Unlawful disclosure of inside information
     - Market Manipulation

  • Market Abuse Regime
    - Scope of application
    - Exemptions

Market Abuse Regulatory Framework

  • Lamfalussy process
  • Level 1 - Framework Acts
  • Level 2 - Delegated & Implementing Acts
  • Level 3 - ESMA Guidelines
  • Level 4 - Supervision of the member states by ESMA
  • EU Legal Framework
  • Market Abuse Directive II
  • National Legislation

Inside Information & Insider Dealing

  • CySEC expectations for AML/CFT compliance
  • Inside information
  • Insider dealing
  • Front running
  • Legitimate behaviour
  • Market soundings


Disclosure of Inside Information

  • Issuer obligations
  • Delay of disclosure
  • Delay of disclosure Q&As
  • Disclosue of inside information
  • Insider list
  • Managers' transactions



Market Manipulation

  • Market Manipulation 
    - Used Methods
    - Indicators
  • The LIBOR scandal
  • Accepted market practices 
  • Prevention and detection of market abuse
  • Suspicious transaction and order report (STOR)


Market Abuse in Crypto-Assets

  • Markets in Crypto-Assets Regulation (MiCAR)
  • Decentralised Innovation 
  • Inside Information
  • Public Disclosure of Inside Information 
  • Prohibition of Insider Dealing
  • Unlawful Disclosure of Inside Information
  • Prohibition of Market Manipulation
  • Prevention of Market Abuse
  • Crypto-Asset Services by CIF 
  • National Legislation


CySEC Supervision

  • Powers of CySEC
  • Administrative sanctions & penalties
  • Criminal offences
  • 2022 CySEC MAR fines
  • Whistleblowing


The course is delivered through online recordings and downloadable PDF slides, offering professionals the flexibility to study at their own pace. Learners can access the material at any time, revisit key sections, and deepen their understanding through structured content.

On completion, learners receive a certificate confirming 5 hours of CPD accreditation, recognised by CySEC, the Central Bank of Cyprus, and other professional supervisory bodies. The course contributes to the annual CPD requirements for CySEC Advanced and Basic Certification holders, as well as those registered with ICPAC and the Cyprus Bar Association.


Get in touch
If you have any questions about Evdokia's course or any other questions related to your training requirements, please contact us; we would love to help.
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