The Finance Sector Surveillance Commission (CSSF) has confirmed action taken last April and September against a share issuer and three of its current or former managers for market manipulation prohibited under the law of 9 May 2006, also known as the “market abuse law”.
The CSSF investigated share dealings by the issuer and, or its subsidiaries, through stock exchange transactions that uncovered various instances of market manipulation in violation of Article 11 of the Law and in particular false and misleading transactions as well as price positioning transactions within the meaning of Article 1(2)(a) of the Market Abuse Law.
The CSSF said that the parties were sanctioned with fines ranging from €25,000 to €40,000.
