Die Verantwortlichkeit juristischer Personen für Marktmissbrauch
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Beschreibung
The prohibitions of insider dealing and market manipulation set out in Articles 14 and 15 Regulation (EU) 596/2014 form the heart of capital market law. Carl Alexander Strobel examines the requirements under which legal persons can be held liable for violations of these provisions.
When a natural person engages in insider dealing or commits market manipulation, they can be held liable for it. But what applies in this regard to legal persons? The Market Abuse Regulation (MAR), which sets out the prohibitions on market abuse in Articles 14 and 15 MAR, contains no explicit statement on this matter. Carl Alexander Strobel first demonstrates that, in principle, the applicable legal framework is not national law but exclusively Union law. In this respect, the MAR contains a legal gap. This gap may be filled by the CJEU through judicial development of the law. The aim of such judicial development must be a framework that achieves the best possible balance between the effectiveness of the prohibitions and the protected interests of legal persons. Accordingly, violations of the market abuse prohibitions are attributable to a legal person when the acting natural person is subject to the legal person's organisational authority and the violation occurs "on its behalf ". There are also strong arguments that liability should be excluded where the legal person has implemented adequate preventive measures. These conditions generally apply whenever the question arises whether a legal person has violated Articles 14 et seq. MAR. The exception concerns the imposition of administrative fines on legal persons, for which national law must be applied in compliance with the requirements of Directive 2014/57/EU (CRIM-MAD).
Autor*in
Carl Alexander Strobel
Born 1996; studied law at Leipzig University; First State Examination in Law in 2020; research assistant at Leipzig University; Magister Juris at the University of Oxford in 2022; research assistant at an international law firm and at the University of Hamburg; PhD in 2025; legal clerkship (Rechtsreferendariat) at the Hanseatic Higher Regional Court.
Themen in »Die Verantwortlichkeit juristischer Personen für Marktmissbrauch«
CRIM-MAD Datenschutzrecht europäisches Kapitalmarktrecht Insiderhandel juristische Personen MAR Marktmanipulation Marktmissbrauch Marktmissbrauchsverordnung Präventionsmaßnahmen Rechtsfortbildung Unionsrecht Verantwortlichkeit Wettbewerbsrecht Zurechnung