What is market manipulation? This age-old and fundamental question is analyzed and answered in the article. Although the ban against market manipulation derives its legal basis as long back as from the Ten Commandments (“thou shalt not lie”) its content and application are still being debated among regulators, academics, and practitioners within the European Union. It is argued that the main reason for this ongoing debate is the lack of a formal definition of market manipulation in the EU Market Abuse Regulation (“MAR”). To this end, a legal definition is established on the basis of a detailed analysis of the MAR “building blocks”, the anatomy of market manipulation as well as the raison d’etre behind the ban. The legal definition is then brought to life by developing a “market manipulation assessment model” which may be applied to actions as well as contemplated actions when assessing the legality hereof.
1. Introduktion
Markedsmisbrugsforordningens forbud imod markedsmanipulation er i sin grundsubstans ikke nyt. Derimod hviler det på et årtusindgammelt etisk kodeks, der tillige udtrykkes i Det Gamle Testamentes Ti Bud, 11. Se 2. Mosebog 20,2–17 og 5. Mosebog 5,6–21. hvorefter »det er forbudt at ly ...