UNLAWFUL CONDUCT ON THE CAPITAL MARKET

UNLAWFUL CONDUCT ON THE CAPITAL MARKET

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European Union Law had explicitly authorized the use of a double punishment (administrative and criminal) in the context of the fight against illegal conduct on the financial markets.Thus many facts and behaviours on the capital market have a double regulation, especially in the area of market abuse.For example, we have the misconduct of market manipulation punished with administrative (pecuniary) penalty and the market manipulation offense punished A Customer-Centric Approach for Recommending Products: A Case Study of Digikala with criminal penalty.Criminal liability conditions are different from administrative liability but generating facts and behaviours are rigorously identical.

Therefore acts of market manipulation are punished as misdemeanours (administrative procedure) when acts are committed without the form of guiltiness required by law to qualify them as offenses (criminal procedure).The question raised by European and Romanian regulations on financial market is the compatibility with or violation of the European Convention on Human Rights (ECHR).In order to ensure the integrity of markets and to enhance investor confidence in those markets, European law has created broad administrative offences, which punish Cinema as the Interdisciplinary Conjuncture of Political Thought and History the risk of harm to the market with severe, pecuniary and non-pecuniary penalties.Access to a subsequent court in administrative proceedings is an evasive guarantee that does not compensate the unfairness of the administrative procedure.

ECHR case law concluded that market pressure and need for compliance in that field cannot prevail over international human rights obligations of States bound by the Convention (ECHR).