What Is Market Manipulation?

2018 ◽  
Vol 2 (2-4) ◽  
pp. 1-316
Author(s):  
Andri Fannar Bergþórsson
Keyword(s):  
European Union ◽  
Essential Element ◽  
Case Law ◽  
Nordic Countries ◽  
Market Manipulation ◽  
The European Union ◽  
Market Abuse

AbstractThe Market Abuse Regulation (MAR) entered into force in 2016 within the European Union, which introduced a fully harmonized ban on market manipulation. Even though the regulation is quite detailed, the terms used to define market manipulation are relatively vague and open-ended.In What Is Market Manipulation? Dr. Andri Fannar Bergþórsson offers unique insight to and an interpretation of the concept of market manipulation, which includes an analysis of case law from the Nordic countries. The aim of the book is to clarify the concept as described in MAR and to provide readers some guidelines to distinguish between lawful behaviour and market manipulation (the unlawful behaviour). Dr. Andri Fannar convincingly argues that misinformation is an essential element of all forms of market manipulation.

CASE-LAW OF THE COURT OF JUSTICE OF THE EUROPEAN UNION ON MARKET ABUSE AT EUROPEAN LEVEL

2020 ◽  
Vol 16 (5) ◽  
pp. 294-313
Author(s):  
LIBOR KLIMEK ◽  
Keyword(s):  
European Union ◽  
Case Law ◽  
European Parliament ◽  
Preliminary Ruling ◽  
The European Union ◽  
European Level ◽  
Legal Practice ◽  
Member States ◽  
Market Abuse ◽  
Court Of Justice

A set of legislative instruments regulating market abuse have been adopted by the European Union. The principal contemporary legislative instrument in this field, addressed to its Member States, is the Regulation No 596/2014 of the European Parliament and of the Council on market abuse. Legislation has been supplemented by the case-law of the Court of Justice of the European Union (formerly known as the Court of Justice of the European Communities). It is a key element for the development of legal practice in all Member States of the European Union. The assessment of case-law on market abuse is therefore needed. The paper analyses relevant cases. In each case at the outset a reference for a preliminary ruling is mentioned. Further, dispute in the main proceedings and the question(s) referred for a preliminary ruling are analysed. The most important parts of analyses are considerations by the Court of Justice and its rulings

CASE-LAW OF THE COURT OF JUSTICE OF THE EUROPEAN UNION ON CRIMINAL ISSUES WITHIN MARKET ABUSE AT EUROPEAN LEVEL

2020 ◽  
Vol 16 (06) ◽  
pp. 237-255
Author(s):  
LIBOR KLIMEK ◽  
Keyword(s):  
European Union ◽  
Case Law ◽  
Preliminary Ruling ◽  
The European Union ◽  
European Level ◽  
Legal Practice ◽  
Member States ◽  
Market Abuse ◽  
Criminal Sanctions ◽  
Court Of Justice

A set of legislative instruments regulating market abuse have been adopted by the European Union. As regards criminal law sanctions, the principal contemporary legislative instrument in this field, addressed to its Member States, is the Directive 2014/57/EU on criminal sanctions for market abuse. Legislation has been supplemented by the case-law of the Court of Justice of the European Union (formerly known as the Court of Justice of the European Communities). It is a key element for the development of legal practice in all Member States of the European Union. The assessment of case-law on criminal issues within market abuse is therefore needed. The paper analyses relevant cases. In each case at the outset a reference for a preliminary ruling is mentioned. Further, dispute in the main proceedings and the question(s) referred for a preliminary ruling are analysed. The most important parts of analyses are considerations by the Court of Justice and its rulings.

scholarly journals Main Initiatives of the European Union in Combating Market Abuse

2014 ◽  
pp. 244-252
Author(s):  
R. A. Kasyanov
Keyword(s):  
European Union ◽  
Systems Approach ◽  
Legal Regulation ◽  
Market Manipulation ◽  
The European Union ◽  
Market Abuse ◽  
Stage Of Development ◽  
Council Directive ◽  
Insider Dealing ◽  
The Eu

In the European Union combating insider violations and market manipulation is one of the key tasks in the domain of legal regulation of the finance market. The EU takes a systems approach to the solution of this problem, as the development of the legal regulation in this field goes the way of enhancing a respective complex of legal norms. In 7 989 the first stage of the development of the EU legal base in the area of combating insider violations was undertaken. In the mentioned year a Council Directive 89/592/EEC on insider dealing was adopted which created the basis for the legal regulation in this field. The document, despite its progressive nature for that time, soon became outdated and no longer could meet the demands of modern finance markets. In 2003 the European Union decided to enhance its legal base and adopted a new Directive 2003/6/ EC of the European Parliament and of the Council on insider dealing and market manipulation (market abuse). This secondary law act, which is still in force, has a much wider scope because its key notion "market abuse" comprises two forms of unlawful actions: insider dealing and market manipulation. In 20 7 7 drafts of new regulatory acts were elaborated - a regulation on insider dealing and market manipulation (market abuse) and a directive on criminal sanctions for insider dealing and market abuse. Should these acts be adopted, the third stage of development of the legal base in this area will begin. This article is aimed at analysing specific features of the second-stage development of the EU legal base and attempting to characterise the main directions of the upcoming reform.

Selected Aspects of the Regulation of Insider Trading and Market Manipulation in the European Union and South Africa

2015 ◽  
Vol 8 (3-4) ◽  
pp. 183-208
Author(s):  
Howard Chitimira
Keyword(s):  
South Africa ◽  
European Union ◽  
Insider Trading ◽  
Global Market ◽  
Market Manipulation ◽  
The European Union ◽  
Market Abuse ◽  
Cross Border ◽  
Insider Dealing ◽  
European Union Member States

The increasingly global market has given rise to increased interaction and interdependence among national regulators as well as investors in different jurisdictions. However, this has brought several regulatory problems to the enforcement authorities particularly with regard to the detection, investigation and prosecution of cross-border market abuse activities in many jurisdictions, such as the European Union and South Africa. Consequently, the European Union became the first body to establish multinational market abuse laws in order to enhance the detection and combating of cross-border market abuse practices. The European Union Insider Dealing Directive was subsequently adopted in 1989 and was the first law that harmonised the insider trading ban among the European Union member states. Thereafter, the European Union Directive on Insider Dealing and Market Manipulation was adopted in a bid to increase the combating of all the forms of market abuse in the European Union’s securities and financial markets. Similar anti-market abuse regulatory efforts were also made in South Africa. In light of this, selected regulatory aspects of market abuse in the European Union and South Africa will be briefly and comparatively discussed in tandem. Thereafter, some concluding remarks will be provided.

Legal Maxims: Summaries and Extracts from Selected Case Law

2017 ◽  
Author(s):  
Sébastien Brisard ◽  
Guglielmo Cantillo ◽  
Ramona Grimberger ◽  
Victoria Hanley-Emilsson ◽  
Rebeka Hevesi ◽  
...  
Keyword(s):  
European Union ◽  
European Commission ◽  
Vice President ◽  
Case Law ◽  
The European Union ◽  
Grand Chamber

Council of the European Union v. European Commission, Case C-409/13, Grand Chamber, Judgment, 14 April 2015European Commission v. Vanbreda Risk & Benefits, Case C‑35/15 P(R), Order of the Vice-President of the Court, 23 April 2015Geoffrey Léger v. Ministre des Affaires sociales, de la Santé et des Droits des femmes, Établissement français du sang...

scholarly journals Characteristics of Precedent: The Case Law of the European Court of Justice in Three Dimensions

2015 ◽  
Vol 16 (5) ◽  
pp. 1073-1098 ◽  
Author(s):  
Mattias Derlén ◽  
Johan Lindholm
Keyword(s):  
European Union ◽  
Case Law ◽  
Three Dimensions ◽  
Eu Law ◽  
The European Union ◽  
European Union Law ◽  
Court Of Justice ◽  
European Court ◽  
Number Of Factors ◽  
The One

AbstractThe case law of the Court of Justice of the European Union (CJEU) is one of the most important sources of European Union law. However, case law's role in EU law is not uniform. By empirically studying how the Court uses its own case law as a source of law, we explore the correlation between, on the one hand, the characteristics of a CJEU case—type of action, actors involved, and area of law—and, on the other hand, the judgment's “embeddedness” in previous case law and value as a precedent in subsequent cases. Using this approach, we test, confirm, and debunk existing scholarship concerning the role of CJEU case law as a source of EU law. We offer the following conclusions: that CJEU case law cannot be treated as a single entity; that only a limited number of factors reliably affect a judgment's persuasive or precedential power; that the Court's use of its own case law as a source of law is particularly limited in successful infringement proceedings; that case law is particularly important in preliminary references—especially those concerning fundamental freedoms and competition law; and that initiating Member State and the number of observations affects the behavior of the Court.

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