Market Manipulation in Russia and in Europe: The Criminal Law Dimension
Abstract
This article examines Russian law on criminal market manipulation and compares it with equivalent rules in Western Europe. The Russian rules do not work; no one has been charged or sentenced for market manipulation since the relevant laws came into force. The Russian rules on criminal liability for market manipulation do not complement the general rules on fraud, they duplicate them. Our prohibition on market manipulation is unclear and is not comprehensive, i.e., there are gaps in the law. This prohibition and the criminal law rules based on it require serious revision; it is necessary to eliminate the gaps and make the law clear. It is inappropriate to subordinate the liability for this crime to the fact of causing consequences expressed formally in a sum of money. The rule of law requires a logical generalization. Establishing criminal liability for negligent market manipulation in Russia seems premature.
About the Author
Ivan Klepitskij
Kutafin Moscow State Law University
Russian Federation
Russian Federation
Professor of Criminal Law,
9 Sadovaya-Kudrinskaya str., Moscow, 123995
References
1. Kalinichenko P. Practice of Legislative Approximation in Russia. Legislative Approximation and Application of EU Law in the Eastern Neighborhood of the European Union: Towards a Common Regulatory Space? (Ed. by Peter Van Elsuwege & Roman Petrov, Routledge 2014).
2. Multer M.K. Open-Market Manipulation under SEC Rule 10b-5 and its Analogues: Inappropriate Distinctions, Judicial Disagreement and Case Study: FERC’s AntiManipulation Rule, 2 Sec. Reg. L. J. P. 97 (2011).
3. Анищенко Е.В. Проблемы противодействия применению инсайдерской информации иманипулированию рынком ценных бумаг вРоссии, 2 Конкурентное право 23 (2014) [Anishchenko E.V. Problemy protivodeystviya primeneniyu insayderskoy informatsii i manipulirovaniyu rynkom tsennykh bumag v Rossii, 2 Konkurentnoe parvo 23(2014) [Evgeniy V. Anischenko, Problems of Counteraction of Use of Insider Information and Market Manipulation of Securities in Russia, 2 Competition L. 23 (2014)]].
4. Емельянов А.С., Федотов В.Н., Вавулин Д.А. Комментарий к Федеральному закону «О противодействии неправомерному использованию инсайдерской информации и манипулированию рынком и о внесении изменений в отдельные законодательные акты Российской Федерации» 7 (Москва 2011) [Emel'yanov A.S., Fedotov V.N., Vavulin D.A. Kommentariy k Federal'nomu zakonu “O protivodeystvii nepravomernomu ispol'zovaniyu insayderskoy informatsii imanipulirovaniyu rynkom i o vnesenii izmeneniy v otdel'nye zakonodatel'nye akty Rossiyskoy Federatsii” 7 (Moscow 2011) [Aleksandr S. Emel'yanov, Vyacheslav N. Fedotov, Denis A. Vavulin, Commentary to the Federal Law On the Prevention of the Unlawful Use of Insider Information and Market Manipulation and On Amendments to Certain Legislative Acts of the Russian Federation 7 (Moscow 2011)]].
Supporting agencies: Ministry of Education and Research
For citation:
Klepitskij I. Market Manipulation in Russia and in Europe: The Criminal Law Dimension. Russian Law Journal. 2016;4(3):120-135. https://doi.org/10.17589/2309-8678-2016-4-3-120-135
Views: 1207
Email this article 