| Abstract [eng] |
The thesis consists of three main parts. The first part analyses the concept of market abuse and the main forms of market abuse, i.e. insider dealing and market manipulation. It also looks into the historical background to the emergence of the prohibition of market abuse, as well as the content and justification of the prohibition. Finally, this part provides a comparative analysis of EU legislation in the area of market abuse. The second part presents a comparative analysis of certain constituent elements of administrative offences (Article 93(1)(14) and (17) of the Law of the Republic of Lithuania on Markets in Financial Instruments (“LMFI”); Articles 14 and 15 of Market Abuse Regulation (EU) No 596/2014) and criminal acts (Articles 217 and 218 of the CC) relating to insider dealing and market manipulation. This part of the thesis discloses the content of the main criteria of distinction between administrative and criminal liability for market abuse, as well as identifies problematic aspects of the qualification of those acts. Given that the upper limit for penalties provided for in Article 93(1)(14) and (17) of the LMFI, compared to the amounts of penalties provided for in the Code of Administrative Offences until 28 June 2017, is exceptionally high, the aim of the third part is to assess whether those penalties comply with the principles of justice and proportionality. The analysis also addresses the issue of whether the financial markets supervisory authority is an appropriate entity in charge of imposing those penalties. This part of the thesis also analyses the compliance of a sentence of imprisonment contained in the sanctions provided for in Articles 217 and 218 of the CC with the principles of justice and proportionality. |
