ECJ case on market manipulation

The Court of Justice of the European Union (the "ECJ") recently considered the market manipulation offence in the Market Abuse Directive 2003/6/EC ("MAD"), and confirmed that, in order for a price to be considered to have been fixed at an abnormal or artificial level, the price need not be maintained at that level for more than a certain duration. Interestingly, the ECJ also looked at different language versions of the market manipulation offence to determine the directive’s purpose, and subsequently overruled the Dutch law interpretation of the market manipulation offence in favour of an interpretation that had been more widely applied in other EEA states.

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