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

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.