Tittel: | Værdipapirhandleres ansvar for medvirken til markedsmisbrug | Ansvar: | Jesper Lau Hansen | Forfatter: | Lau Hansen, Jesper ![](App_Themes/Common/Help.png) | Materialtype: | Artikkel - elektronisk | Signatur: | Nordisk tidsskrift for Selskabsret | Utgitt: | København : DJØF Forlag, 2019 | Omfang: | S. 1-14 | Serie: | Nordisk tidsskrift for Selskabsret ; 3/2019 ![](App_Themes/Common/Help.png) | Emneord: | Innsidehandel | Stikkord: | Straffeloven Danmark § 23 / Værdipapirhandelsloven (Danmark) | Geografiske emneord: | Danmark | Innhold: | On 14 August 2019, The Danish FSA issued a guidance No. 9727 on the criminal liability of securities dealers for aiding and abetting a customer’s violation of the prohibitions on market abuse in MAR, notably insider dealing and market manipulation. The guidance declares that the mere execution of the customer’s order is a criminal offence punishable as market abuse. It is argued that this is incorrect and that only activity beyond mere execution will suffice as aiding and abetting. The argument is partly based on Danish law, partly on MAR, where especially the obligation on dealers to report any suspicious activity by their customers in MAR Art 16 suggest that the mere execution by them of such orders cannot be illegal in itself. It is further criticised that the FSA issues guidance of matters of criminal law that are uncertain as it will seriously disrupt the business of securities dealers and it is recommended that the guidance is withdrawn or modified.
Markedsmisbrug i form af insiderhandel og manipulation er forbudt, og gerningsindholder realiseres typisk ved en værdipapirtransaktion (handel), som gennemføres over en børs ved hjælp af en værdipapirhandler, der agerer som mellemmand for insideren. Det rejser spørgsmålet, om værdipapirhandleren kan ifalde strafferetligt ansvar for sin medvirken til markedsmisbrug. Hvor medvirken ikke er direkte reguleret i et strafferetligt delikt, vil det strafferetlige ansvar for medvirken i dansk ret følge af straffelovens (STRFL) § 23, som angår den, der ved »tilskyndelse, råd eller dåd« har medvirket til en strafbar handling.
| Del av verk: | Nordisk tidsskrift for Selskabsret 3/2019 |
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