Topic Information obligations for issuers Market manipulation through false or misleading signals when disseminating information
Article from Issuer Guidelines published by the Federal Financial Supervisory Authority
Under point (c) of Article 12(1) of the MAR, the term “market manipulation” means disseminating information through the media, including the internet, or by any other means, which gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of, a financial instrument, a related spot commodity contract or an auctioned product based on emission allowances or secures, or is likely to secure, the price of one or several financial instruments, a related spot commodity contract or an auctioned product based on emission allowances at an abnormal or artificial level, including the dissemination of rumours, where the person who made the dissemination knew, or ought to have known, that the information was false or misleading.
Manipulating the markets by disseminating false or misleading information is not only particularly harmful to investors because it causes them to base their investment decisions on incorrect or distorted information. It is also harmful to issuers because it reduces the trust in the available information related to them.
The chapter is divided into the following sections:
