Imposition of Criminal Liability for Market Abuse

Vol.25,No.2(2017)

Jozef Záhora

https://doi.org/10.5817/CPVP2017-2-2

• Abstract
• References
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Abstract

Market abuse can occur across borders and harms the integrity of financial markets which are increasingly integrated in the European union. Any actual or attempted manipulation of important benchmarks can have a serious impact on market confidence and could result in significant losses for investors and distortions of the real economy. It is also essential that all necessary steps are taken to prevent such manipulation and to enable and facilitate the competent authorities in imposing sanctions. The author presents recent legislative action in this field in the European Union. The aim of these measures is to increase investors ‘ confidence and market integrity by prohibiting those who possess inside information from trading in related financial instruments, and by prohibiting the manipulation of markets through practices such as spreading false information or rumours and conducting trades which secure prices at abnormal levels.

Keywords:
Market Abuse; Financial Instruments; Insider Dealing; Unlawful Disclosure of Inside Information; Criminal Sanctions; Liability of Legal Person.

Pages:
209–218

References

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LOJSCHOVÁ, A. Kapitálový trh na Slovensku. Biatec, roč. 24, 2/2016, s. 14.

ŠÁMAL, P. Aktuální otázky a judikatura k trestnému činu zneužívání informací v obchodním styku. Bulletin advokacie, č. 1-2/2008, s. 17.

ŠÁMAL, P. et al. Trestní zákoník II. § 140 až 421. Komentář. 2. vyd. Praha: C. H. Beck, 2012.

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WARREN, M. G. The Regulation Of Insider Trading In The European Community. Washington
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