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Studia Iuridica Toruniensia

Notion of Market Manipulation in the Areas of Administrative Law and Criminal Law in the Legal Systems of Selected Member States of the European Union
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Notion of Market Manipulation in the Areas of Administrative Law and Criminal Law in the Legal Systems of Selected Member States of the European Union

Authors

  • Paweł Szwajdler Kazimierz Wielki University, Bydgoszcz, Okręgowa Izba Radców Prawnych, Toruń https://orcid.org/0000-0003-1442-4229

DOI:

https://doi.org/10.12775/SIT.2020.016

Keywords

market manipulation, administrative liability, criminal liability

Abstract

The aim of the author of this paper is to show boundaries between penalised market manipulation and market manipulation which can be sanctioned only by administrative countermeasures. This task was achieved in result of analysing German, French, Italian and Spanish legal regulations concerning market manipulation. Above- –mentioned analysis is based on theoretical issues which are discussed in the part of this work concerning definition of market manipulation. European regulations related to market manipulation are also elaborated in this article. Differences between penalised market manipulation and administrative market manipulation are creatively and synthetically discussed in the separate part of this work. Theoretical sources of differences between discussed regulations concerning administrative market manipulation and criminal market manipulation are elaborated in the summary.

References

Birkner S., Der Einwirkungserfolgbeider Marktmanipulationim Kontextnationalen und europäischen Rechts, http://telc.jura.uni-halle.de/sites/default/files/BeitraegeTWR/Heft%20155.pdf (access: 21.05.2020 r.).

Brennan T., De- Mystifying Market Manipulation (Reviews), “Regulations” 2019, Vol. 42, Issue 3.

Brigant J. M., Infractions boursieres, https://www.cairn.info/revue-descience-criminelle-et-de-droit-penal-compare-2014-1-page-85.htm (access: 21.05.2020 r.).

Castanion J., Problemas de tipicidad en las conductas de manipulación de precios de los mercados de valores, “Nuevo Foro Penal” 2014, No. 82.

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Chitimira H., Some Comments on the Enforcement Committee’s Jurisdiction in the Adjudication and Settlement of Market Manipulation Cases: Pather and Another v Financial Services Board and Others [2014] 3 All SA 208(GP), “Journal of African Law” 2018, Vol. 62, No. 3.

Dolgopolov S., Securities Fraud Embedded in the Market Structure Crisis: High-Frequency Traders as Primary Violators, “William and Mary Business Law Review” 2018, Vol. 9.

Fischel D., Ross D., Should the law prohibit “manipulation” in financial markets?, “Harvard Law Review” 1991, Vol. 105, No. 2.

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Klepitskij I., Market Manipulation in Russia and in Europe: the Criminal Law Dimension, “Russian Law Journal” 2016, Vol. IV, Issue 3.

Kozinn B., The Great Copper Caper: Is Market Manipulation Really a Problem in the Wake of the Sumitomo Debacle, “Fordham Law Review” 2000, Vol. 69.

Lin T., The New Market Manipulation, “Emory Law Journal” 2017, Vol. 66.

Londoño Martínez F., Ilícito De Manipulación Bursátil: Fenómeno Y Lesividad. Aspectos De Política Sancionatoria, “Política Criminal” 2013, Vol. 8. No. 15.

Nelemans M., Redefining Trade- Based Manipulation, “Valparaiso University Law Review” 2008, Vol. 42, No. 4.

Petcu B., Fake News and Financial Markets: a 21st Century Twist on Market Manipulation, “American University Business Law Review” 2018, Vol. 7.

Putniņš T., Market Manipulation a Survey, “Journal of Economic Surveys” 2012, Vol. 26, No. 5.

Staikouras P., Regulating Insider Trading and Market Manipulation in Greece: Normative Transplants and Conceptual Confusion, “Yearbook of International Financial and Economic Law” 2000–2001, Vol. 5.

Studia Iuridica Toruniensia

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Published

2021-05-19

How to Cite

1.
SZWAJDLER, Paweł. Notion of Market Manipulation in the Areas of Administrative Law and Criminal Law in the Legal Systems of Selected Member States of the European Union. Studia Iuridica Toruniensia. Online. 19 May 2021. Vol. 26, pp. 335-354. [Accessed 4 July 2025]. DOI 10.12775/SIT.2020.016.
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Vol. 26 (2020): Tom XXVI

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