UNLAWFUL CONDUCT ON THE CAPITAL MARKET
European Union Law had explicitly authorized the use of a double punishment (administrative and criminal) in the context of the fight against illegal conduct on the financial markets. Thus many facts and behaviours on the capital market have a double regulation, especially in the area of market ab...
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| Format: | Article |
| Language: | English |
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Nicolae Titulescu University Publishing House
2018-05-01
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| Series: | Challenges of the Knowledge Society |
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| Online Access: | http://cks.univnt.ro/uploads/cks_2018_articles/index.php?dir=2_private_law%2F&download=CKS_2018_private_law_012.pdf |
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| _version_ | 1846146408132902912 |
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| author | Cristian GHEORGHE |
| author_facet | Cristian GHEORGHE |
| author_sort | Cristian GHEORGHE |
| collection | DOAJ |
| description | European Union Law had explicitly authorized the use of a double punishment (administrative and criminal) in the
context of the fight against illegal conduct on the financial markets. Thus many facts and behaviours on the capital market
have a double regulation, especially in the area of market abuse. For example, we have the misconduct of market manipulation
punished with administrative (pecuniary) penalty and the market manipulation offense punished with criminal penalty.
Criminal liability conditions are different from administrative liability but generating facts and behaviours are rigorously
identical. Therefore acts of market manipulation are punished as misdemeanours (administrative procedure) when acts are
committed without the form of guiltiness required by law to qualify them as offenses (criminal procedure).
The question raised by European and Romanian regulations on financial market is the compatibility with or violation
of the European Convention on Human Rights (ECHR). In order to ensure the integrity of markets and to enhance investor
confidence in those markets, European law has created broad administrative offences, which punish the risk of harm to the
market with severe, pecuniary and non-pecuniary penalties. Access to a subsequent court in administrative proceedings is an
evasive guarantee that does not compensate the unfairness of the administrative procedure. ECHR case law concluded that
market pressure and need for compliance in that field cannot prevail over international human rights obligations of States
bound by the Convention (ECHR). |
| format | Article |
| id | doaj-art-db0452c25d464bfb9e37161a423d5c89 |
| institution | Kabale University |
| issn | 2068-7796 2068-7796 |
| language | English |
| publishDate | 2018-05-01 |
| publisher | Nicolae Titulescu University Publishing House |
| record_format | Article |
| series | Challenges of the Knowledge Society |
| spelling | doaj-art-db0452c25d464bfb9e37161a423d5c892024-12-02T03:30:11ZengNicolae Titulescu University Publishing HouseChallenges of the Knowledge Society2068-77962068-77962018-05-0112-252255UNLAWFUL CONDUCT ON THE CAPITAL MARKETCristian GHEORGHE0Associate Professor, PhD, Faculty of Law, “Nicolae Titulescu” University, Bucharest (e-mail: profesordrept@gmail.com)European Union Law had explicitly authorized the use of a double punishment (administrative and criminal) in the context of the fight against illegal conduct on the financial markets. Thus many facts and behaviours on the capital market have a double regulation, especially in the area of market abuse. For example, we have the misconduct of market manipulation punished with administrative (pecuniary) penalty and the market manipulation offense punished with criminal penalty. Criminal liability conditions are different from administrative liability but generating facts and behaviours are rigorously identical. Therefore acts of market manipulation are punished as misdemeanours (administrative procedure) when acts are committed without the form of guiltiness required by law to qualify them as offenses (criminal procedure). The question raised by European and Romanian regulations on financial market is the compatibility with or violation of the European Convention on Human Rights (ECHR). In order to ensure the integrity of markets and to enhance investor confidence in those markets, European law has created broad administrative offences, which punish the risk of harm to the market with severe, pecuniary and non-pecuniary penalties. Access to a subsequent court in administrative proceedings is an evasive guarantee that does not compensate the unfairness of the administrative procedure. ECHR case law concluded that market pressure and need for compliance in that field cannot prevail over international human rights obligations of States bound by the Convention (ECHR).http://cks.univnt.ro/uploads/cks_2018_articles/index.php?dir=2_private_law%2F&download=CKS_2018_private_law_012.pdfcapital marketmarket abusedouble punishmentne bis in idemECHR |
| spellingShingle | Cristian GHEORGHE UNLAWFUL CONDUCT ON THE CAPITAL MARKET Challenges of the Knowledge Society capital market market abuse double punishment ne bis in idem ECHR |
| title | UNLAWFUL CONDUCT ON THE CAPITAL MARKET |
| title_full | UNLAWFUL CONDUCT ON THE CAPITAL MARKET |
| title_fullStr | UNLAWFUL CONDUCT ON THE CAPITAL MARKET |
| title_full_unstemmed | UNLAWFUL CONDUCT ON THE CAPITAL MARKET |
| title_short | UNLAWFUL CONDUCT ON THE CAPITAL MARKET |
| title_sort | unlawful conduct on the capital market |
| topic | capital market market abuse double punishment ne bis in idem ECHR |
| url | http://cks.univnt.ro/uploads/cks_2018_articles/index.php?dir=2_private_law%2F&download=CKS_2018_private_law_012.pdf |
| work_keys_str_mv | AT cristiangheorghe unlawfulconductonthecapitalmarket |