Maintaining market integrity is fundamental to protecting investors and supporting confidence in financial markets. For investment firms, Crypto-Asset Service Providers (CASPs) and other regulated entities, identifying, preventing and reporting potential market abuse forms an important part of an effective compliance framework.
The Market Abuse Regulation (MAR) addresses behaviours such as insider dealing, unlawful disclosure of inside information and market manipulation. Alongside the requirements applicable to traditional financial instruments, the Markets in Crypto-Assets Regulation (MiCAR) introduces corresponding market abuse requirements for crypto-assets, extending the focus on market integrity to the digital asset sector.
In this blog post,
Evdokia Pitsillidou, Global Chief Risk & Compliance Officer at
SALVUS Funds and instructor at the Institute for Professional Excellence, introduces the key themes covered in the online course “
Comply with Market Abuse Regulation as per MiFID & MiCAR in 2026.” The course provides professionals with knowledge of the European market abuse regulatory framework and the operational requirements for preventing, detecting and managing potentially abusive practices.
Strengthen your understanding of market abuse requirements and the controls regulated firms should maintain to protect market integrity in 2026.
What is Market Abuse?Market abuse refers to unlawful behaviour that can undermine the integrity and proper functioning of financial markets. The principal forms of market abuse addressed throughout the course include:
- Insider dealing, involving the use of inside information when acquiring, disposing of or otherwise dealing in relevant instruments or assets.
- Unlawful disclosure of inside information, where inside information is disclosed outside the appropriate course of a person's employment, profession or duties.
- Market manipulation, including behaviour that may create false or misleading signals regarding the supply, demand or price of an instrument or asset.
Market manipulation can take different forms and firms therefore need appropriate policies, procedures and controls to identify suspicious behaviour. Effective monitoring may involve examining trading patterns and orders, assessing relevant indicators of manipulation and maintaining suitable trade surveillance arrangements.
The course also addresses accepted market practices and the process for identifying and reporting suspicious transactions and orders through a Suspicious Transaction and Order Report (STOR) to the competent regulator.
Market Abuse under MiFID & MiCAR The increasing interaction between traditional financial markets and crypto-asset markets has made market integrity an important consideration across both the MiFID and MiCAR regulatory frameworks.
For financial instruments, professionals must understand requirements relating to inside information, insider dealing, market manipulation, market soundings, disclosure obligations and the prevention and detection of suspicious activity.
MiCAR introduces market integrity requirements specifically for crypto-assets. These address areas including inside information, public disclosure of inside information, insider dealing, unlawful disclosure and market manipulation, together with requirements for the prevention and detection of market abuse in crypto-asset markets.
For Compliance Officers and other control functions, this means maintaining effective arrangements capable of addressing market abuse risks across the firm's activities. Appropriate internal procedures, staff awareness and trade surveillance systems can assist firms in detecting potentially suspicious behaviour and responding in accordance with their regulatory obligations.
What is the “Comply with Market Abuse Regulation as per MiFID & MiCAR in 2026” course and what does it include? Delivered by
Evdokia Pitsillidou, Global Chief Risk & Compliance Officer at
SALVUS Funds, through the IforPE platform, the course has been developed to provide professionals with the necessary knowledge regarding the European Market Abuse regulatory framework and its relevant operational requirements.
The self-paced course is particularly relevant to professionals working within Cyprus Investment Firms, Crypto-Asset Service Providers and other CySEC-regulated entities. It is suited to Compliance, AML and Brokerage Officers, as well as professionals whose responsibilities involve the prevention, detection and management of market abuse risks.
Professionals completing the course will strengthen their understanding of market abuse behaviours and develop knowledge that can support the enhancement of internal policies, procedures and controls. The course also considers the characteristics of trade surveillance systems used to identify potentially suspicious activity.
The syllabus of the course covers the following areas:
•
What is Market Abuse? - What is Market Abuse?
- Market Abuse Regime
• Market Abuse Regulatory Framework - Lamfalussy process
- Level 1 – Framework Acts
- Level 2 – Delegated & Implementing Acts
- Level 3 – ESMA Guidelines -
Level 4 – Supervision of Member States by ESMA -
EU Legal Framework
- Market Abuse Directive II
- National legislation• Inside Information & Insider Dealing - Inside information
- Insider dealing
- Front running
- Legitimate behaviour
- Market soundings
• Disclosure of Inside Information - Issuer obligations
- Delay of disclosure
- Delay of disclosure Q&As
- Disclosure of inside information
- Insider lists
- Managers' transactions • Market Manipulation - Market manipulation
- The LIBOR scandal
- Accepted market practices
- Prevention and detection of market abuse
- Suspicious Transaction and Order Reports (STORs) • Market Abuse in Crypto-Assets - Markets in Crypto-Assets Regulation (MiCAR)
- Commission Delegated Regulation (EU) 2025/885
- System, Controls and General Requirements
- Suspicious Transaction and Order Reports
- Cross-Border Market Abuse & Competent Authorities
- 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 CIFs
- National legislation
• CySEC Supervision
- Powers of CySEC
- Administrative sanctions and penalties
- Criminal offences
- Market abuse enforcement
- Whistleblowing
The course is delivered through online video recordings and downloadable PDF study material, allowing professionals to learn whenever and wherever it suits them best. Participants can progress at their own pace, revisit topics as needed and reinforce their knowledge through accessible and structured learning resources.
Upon successful completion, participants receive a certificate awarding 5 CPD hours, recognised by CySEC, the Central Bank of Cyprus, and other professional supervisory bodies. The course contributes towards the annual CPD requirements of CySEC Advanced and Basic Certification holders, as well as professionals registered with ICPAC and the Cyprus Bar Association.
