(In)securitatea juridică şi piaţa de capital din România: suntem într-adevăr pregătiţi pentru a sancţiona penal abuzul de piaţă? ^(I)

Florin PLOPEANU

avocat, Baroul Bucureşti

Diana IONESCU

avocat, Baroul Arad

Abstract

At European level, the Directive 2003/6/CE of the European Parliament and of the European Council on insider dealing and market manipulation (market abuse) has regulated the market abuse deed in both its meanings, referred otherwise even in its naming. Furthermore, the 14th article of the Directive requested the Member States to ensure that such acts are punishable, firstly at an administrative level.

In Romania, as far as the content of market abuse acts are concerned, by the Law numbered 297/2004 on Capital market field, the legislator precisely transposed the provisions of the Directive 2003/6/CE, but as a modality of criminal offences, namely a felony. Thus, the article 279 paragraph 1 of the law provides that intentionally committed acts of market abuse constitute a crime....