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Whistleblower-System

Market abuse

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Information

We point to the fact, that starting with July 3rd, 2016 the Market Abuse Regulation (EU) No. 596/2014 (MAR) shall apply. The corresponding national provisions will follow.

 

The term “market abuse” essentially covers the offences of insider dealing and market manipulation. In this section you will find various items of information related to market abuse, trading rules, insider dealing, market manipulation and suspicious Transactions.

The definition of market abuse is derived from Directive 2003/6/EC. By fighting market abuse, the aim is to ensure the integrity of the financial markets and to enhance investor confidence in those markets.

 

Market abuse may also arise where investors suffer damage, either directly or indirectly, because other individuals:

  • have made use of confidential information (insider dealings);
  • have acted to distort the price of financial instruments; or
  • have disseminated false or misleading information.

Such behaviour can undermine the principle that all investors should be treated equally

 

Important legislation

The Market Abuse Directive as well as the related implementing directives (Directives 2003/124/EC, 2003/125/EC and 2004/72/EC) were transposed into Austrian law by way of the Stock Exchange Act (BörseG; Börsegesetz).

 

The key statutory provisions in this regard are the prohibition of market manipulation pursuant to Articles 48a and 48c BörseG and the prohibition of insider trading as defined in Articles 48a and 48b BörseG. With respect to market abuse, the trading rules of the Vienna Stock Exchange also play an important role. Among other things, they are designed to counter market abuse before it actually occurs and to facilitate the exposure of cases where the rules have been breached.

 

Reporting market abuse

If you have complaints or information relating to the market, please send an email to the FMA’s complaints unit at fma@fma.gv.at. Your information might contribute considerably towards prosecuting market abuse. Individuals who deal in financial instruments professionally are obliged to report suspicious transactions. As the FMA is subject to official secrecy, it is not allowed to disclose any information about the progress and/or result of investigations.

Further information