The Commission de Surveillance du Secteur Financier (CSSF), Luxembourg's financial regulator, has announced that, by decisions dated 2 March 2018, it has sanctioned two individuals for market manipulations on shares of an 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 CSSF investigation into the share dealings by the 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 €41,250 and €250,000 pursuant to Article 33 of the same law.
