9 November 2018
Press release

Administrative fines imposed by the CSSF for market manipulation infringements

Press release 18/38

(The information contained in this press release concerns facts which were investigated and sanctioned by the CSSF in accordance with the provisions of the Law of 9 May 2006 on market abuse. This law was repealed by the Luxembourg Law of 23 December 2016 on market abuse).

By decisions dated 2 March 2018, the CSSF has sanctioned two individuals for market manipulations on shares of an issuer (the “Issuer”) which were admitted to trading on a regulated market in accordance with the provisions of the Law of 9 May 2006 on market abuse (the “Market Abuse Law”). The CSSF investigation into the share dealings by the aforementioned two individuals through their stock exchange transactions uncovered various instances of market manipulations infringing the prohibition set out under Article 11 of the Market Abuse Law and in particular improper matched orders, wash trades and painting the tape related transactions within the meaning of Article 1 point (2)(a) of the Market Abuse Law. The two individuals were sanctioned by the CSSF for the above-mentioned infringements of Article 11 of the Market Abuse Law with administrative fines of EUR 41,250 and EUR 250,000 pursuant to Article 33 of the same law.