Regulation & Compliance

Read these first

1. 01What Counts as Market Abuse

   Market abuse is a broader legal category than most people assume, it covers not just insider trading but manipulation, unlawful disclosure and attempted abuse, and it can be committed without ever placing a trade at all.

2. 02Insider Dealing and the Classical Theory

   US insider trading law does not ban trading on secrets in general, it bans trading on secrets while breaching a duty of trust, a distinction called the classical theory that explains some famously surprising outcomes, including cases where trading on real inside information was found to be perfectly legal.

3. 03Trade Surveillance Systems and Alert Tuning

   A trade surveillance system's real engineering challenge isn't detecting suspicious patterns, it's tuning the alert thresholds so compliance staff drown in neither false positives nor missed cases, a balance every desk gets wrong in one direction before they get it right.

4. 04What Makes Information Material and Non-Public

   Material non-public information is not defined by a fixed list of topics, it's defined by a test of whether a reasonable investor would consider it important to a trading decision, which is a deliberately fuzzy standard that shifts case by case.

Then the rest

1. 05AML Red Flags and Suspicious Activity Reports
2. 06Beneficial Ownership Thresholds: 13D vs 13G
3. 07EMIR and MiFIR Transaction Reporting
4. 08Expert Networks and the Mosaic Theory
5. 09Form 13F: What Must Be Reported
6. 10Information Barriers and Chinese Walls
7. 11KYC and Customer Due Diligence
8. 12Regulation FD and Selective Disclosure
9. 13Rule 10b5-1 Trading Plans
10. 14Section 16 and Form 4 Insider Reporting
11. 15Short Position Disclosure Regimes
12. 16Wall Crossing and Restricted Lists
13. 17Adviser Registration and Fiduciary Duty
14. 18Communications Surveillance and Recordkeeping
15. 19Personal Account Dealing Policies
16. 20Research Unbundling and Soft Dollars
17. 21Sanctions Screening and OFAC Compliance
18. 22Trade Allocation Policies and Cross Trades
19. 23Best Execution Monitoring and RTS 28 Reporting