Late trading is specific to collective investment management. It occurs when orders are executed after the cut-off time set in the UCITS prospectus, allowing the investor to benefit from information arising after that time, creating an information asymmetry.

Late trading occurs when orders are accepted after the fixed cut-off time. This allows investors to benefit from information arising after that time, which is prohibited because it creates an information asymmetry.

Several indicators can point to insider trading. For example, the appearance of new participants on a security may suggest that inside information has been used. This criterion is important because it deviates from normal market behaviour.

Identifying insider trading relies on several indicators, including the abnormal timing of transactions. Transactions carried out just before a significant announcement by the issuer constitute a major warning signal. This criterion is essential because it suggests the abusive use of inside information.

Wash trading is a form of market manipulation in which transactions are carried out between linked accounts without any real transfer of ownership or economic risk. This creates a false impression of activity on the market, which is prohibited by regulations such as the MAR Regulation.

Spoofing involves placing large orders without intending them to be executed, in order to create a false impression of order book depth. It is detected by a high ratio of cancelled orders relative to executed orders and by rapid cancellations after placement.

Layering is a sophisticated practice in which orders are placed at multiple price levels, generally far from the best limit. This creates a false impression of liquidity and is considered market manipulation under the MAR Regulation.

Prohibited practices can be classified according to their nature. For example, late trading is specific to collective investment management, while spoofing is a form of market manipulation.