Elements of Comparative Law Regarding the Protection of Securities under Criminal Law

AuthorManea, L. - Manea, A.C.
PositionLaw Department, Transilvania University of Brasov
Pages129-138
Bulletin of the Transilvania University of Braşov
Series VII: Social Sciences • Law • Vol. 7 (56) No. 1 - 2014
ELEMENTS OF COMPARATIVE LAW
REGARDING THE PROTECTION OF
SECURITIES UNDER CRIMINAL LAW
L. MANEA1 A.C. MANEA1
Abstract: The advantages of investing the av ailable money resources
through financial instruments, capital market transactions, are speculated by
the companies that need funding and who propose potent ial investors several
types of securities, and not infrequently, the capital market participants turn
to various methods in order to influence the investment decision, methods
that violate the prudential or conduct rules lai d down at the market level
through the regulatory framework. Given the importance of the principle of
investor protection, the national laws of EU Member States and the
Community regulatory framework for securities do not exclude, on the
contrary, ascertain the right to criminalize the deeds that affect securities
and transactions.
Key words: securities, market manipulation, market abuse, t ransactions,
investors.
1 Law Department, Transilvania University of Braşov.
1. Introduction
Given the advantages of financing
through the capital market (rapidity,
minimal cost, variety of tools, legal
guarantees) as well as the public tendency
to invest in financial instruments that
ensure a lower risk of the investment, the
capital market law aims at mobilizing the
available financial funds through
investments in financial instruments, in
terms of investor protection.
Based on the central idea of investor
protection, criminalization of practices on
market abuse and market manipulation has
become a necessity in increasing investor
confidence in the domestic market,
ensuring legal, transparent and honest
practices.
While at Community level, investor
protection, transparency and capital market
integrity are guiding principles of the
regulatory framework, imposed as such by
the legislation of the Member States,
criminalization of practices which affect
these principles is not imposed as a
measure of transposition, allowing the
Member States to determine the criminal
or administrative-conventional nature of
certain offenses and the liability for those
guilty of breach of transparency and
integrity. In this regard, we quote Article
51 paragraph 1 of Directive 2004/39/CE
[13] according to which "without
prejudicing the procedures for the
withdrawal of authoriz ation and their right
to impose criminal sanctions, the Member
States make sure, in accordance with their

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