Magdalena ROIBU, PhD
West University of Timișoara, Law Faculty
The meeting point between criminal law and economics gives rise to a number of challenging issues that the following study aims to explore.
One of such issues is represented by the offenses related to market abuse. Under the EU law definition (Directive 2003/6/CE on insider dealing and market manipulation, or market abuse) market abuse may arise in circumstances where financial investors have been unreasonably disadvantaged, directly or indirectly, by others who:
(a) have used information which is not publicly available (insider dealing);
(b) have distorted the price-setting mechanism of financial instruments;
(c) have disseminated false or misleading information.
Market abuse can thus be divided into two main aspects: (1) insider dealing, where a person who has information not available to other investors makes use of that information for personal gain; (2) market manipulation, where a person knowingly gives out false or misleading information in order to influence the price of a share for personal gain.
The present study aims at analyzing the offences related to capital markets, first from the perspective of the European law, subsequently from the point of view of national legislation (still imprecise), which is quite a mimetic transcript of the former.
The analysis will be assorted with examples and comments of the most relevant case law of the European and national courts.
Fortunately, the former have come up with solutions that the Romanian judicial practice lacks or completely ignores.