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Part B Commentary, 2 Inside Information, Insider Dealing, Unlawful Disclosure of Inside Information, and Market Manipulation, Art.15: Prohibition of market manipulation

Edited By: Marco Ventoruzzo

From: Market Abuse Regulation: Commentary and Annotated Guide (2nd Edition)

Edited By: Marco Ventoruzzo, Sebastian Mock

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 23 February 2024

Subject(s):
Improper disclosure — Misleading impressions — Market abuse — Market Abuse Directive (MAD) — Regulated activities

This chapter takes up Article 15—a prohibition against market manipulation. More specifically, Article 15 prohibits the engagement or the attempt to engage in market manipulation without stating which behaviour constitutes a market manipulation. The actual behaviour covered by this prohibition is defined in Article 12. Interestingly, while Article 15 states that a person shall not engage in or attempt to engage in market manipulation, it does not mention whether such an engagement in a market manipulation requires a specific intent. In addition, the violation of the prohibition of market manipulation of Article 15 can be addressed by administrative sanctions as set out by Articles 30 and following.

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