Topic Information obligations for issuers Prohibition of market manipulation
Article from Issuer Guidelines published by the Federal Financial Supervisory Authority
The concept of market manipulation and the prohibition of market manipulation are governed by the provisions of the MAR. Article 15 MAR prohibits market manipulation and attempts to engage in market manipulation. Article 12 of the MAR defines the concept of “market manipulation”.
Article 12(1) of the MAR contains four basic elements of market manipulation. These are the elements of information-driven manipulation, trade-driven manipulation and manipulation by other conduct. The manipulation of benchmarks is also now included.
Article 12(2) MAR clarifies the general definition of market manipulation by providing a non-exhaustive list of examples. These are mandatory application examples that describe specific conduct involving market manipulation. Finally, attention is also drawn to the list of indicators in Annex I to the MAR.
