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Stand:updated on 15.05.2019 | Topic Market manipulation, Insider monitoring Market abuse

Market abuse

In­sid­er surveil­lance

Using inside information is prohibited and deemed a criminal offence. In order to detect insider trading, BaFin analyses data on all securities transactions that banks, for instance, have to report. It also analyses ad hoc notifications and follows up on information from third parties.

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Mar­ket ma­nip­u­la­tion

Market abuse harms the integrity of financial markets and public confidence in their functioning. Market manipulation is a form of market abuse. In order to protect the financial markets, market manipulation is therefore prohibited. It is one of BaFin's main functions to detect and investigate cases of market manipulation.

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In­vest­ment and in­vest­ment strat­e­gy rec­om­men­da­tions

Investment decisions are frequently based on investment and investment strategy recommendations. High standards are required in this area in order to uphold investor confidence. These standards concern the objectivity, care and identity of those preparing and disseminating investment and investment strategy recommendations.

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Publications on this topic

Format Article Erscheinung: from 29.01.2022 BaFin may in­form the pub­lic based on in­di­ca­tions of pos­si­ble mar­ket ma­nip­u­la­tion

The courts confirm: if Germany’s financial supervisor has indications of possible market manipulation, it may inform the public about this and need not wait until proof of market manipulation has been established.

Format News Erscheinung: from 24.04.2020 BaFin reaf­firms ad­vice for in­vestors to ex­er­cise cau­tion with buy rec­om­men­da­tions for shares

BaFin reaffirms its advice of 25 March 2020, calling on investors to carefully check whether the information on the corona (COVID-19) pandemic contained in market letters and other promotional publications is accurate before trading in shares.

Format News Erscheinung: from 03.04.2020 Mar­ket Abuse Reg­u­la­tion: al­lowance to be made for the cur­rent sit­u­a­tion when ful­fill­ing the re­port­ing re­quire­ments

BaFin trusts that the parties subject to the reporting requirements under Article 16 (1) and (2) of the MAR (Market Abuse Regulation) have appropriate systems and procedures in place for monitoring market abuse in order for suspicious orders and transactions to be detected and reported to BaFin even in changed working and market conditions. The suspicious transaction and order reports (STORs) are …

Format Article Erscheinung: from 31.05.2017 Mar­ket ma­nip­u­la­tion: Short at­tacks – how in­vestors and is­suers are tar­get­ed by ma­nip­u­la­tors

In recent months, a phenomenon described by the media as "short attacks" has repeatedly occurred. It refers to natural or legal persons entering into short positions in an issuer's shares, for example, before then spreading negative reports on the issuer. In many cases, such reports lead to great insecurity among investors. Shares of the affected issuers sometimes suffered price slumps of more …

Format Article Erscheinung: from 01.08.2016 Whistle­blow­ers: Cen­tral point for dis­clo­sures about vi­o­la­tions of su­per­vi­so­ry law es­tab­lished

As announced in the June edition of the BaFinJournal, BaFin opened its contact point for whistleblowers on 2 July. So-called whistleblowers – persons with a special knowledge of a company's internal affairs, for example because they are employed there or have some other contractual relationship or relationship of trust with the company – can use it to inform BaFin about actual or suspected …

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