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Política criminal

versión On-line ISSN 0718-3399

Resumen

LONDONO MARTINEZ, Fernando. STOCK MARKET MANIPULATION: THE PHENOMENON AND POTENTIAL FOR HARM. SANCTION POLICY CONSIDERATIONS. Polít. crim. [online]. 2013, vol.8, n.15, pp.64-127. ISSN 0718-3399.  http://dx.doi.org/10.4067/S0718-33992013000100003.

On the basis of an analysis of categories of cases most commonly related with the criminal and regulatory offence of stock market manipulation (from the perspective of comparative law), the paper provides a characterization and taxonomy of stock-price manipulation in securities markets. The solutions are brought into light through the examination of the economical and financial functions displayed by securities markets, under the assumption that studying manipulation as a socially undesirable behavior (harm) is the one procedure in order to adequately grasp and conceptualize manipulative phenomenon. In this way, the paper illustrates two kinds of manipulative behavior within securities markets, both introducing different degrees of harm: general manipulation and special manipulation. The paper's last section enlarges the characterization of stock-price manipulation as a socially undesirable behavior, on the grounds of the ethos that gives life to the securities system, characterized by the author as meritocratic and community-oriented. The paper concludes by offering some brief and provisional insights from a sanction policy angle, acknowledging that such effort requires a further and deeper research in the matter.

Palabras clave : Stock market manipulation; Stock market; Market Abuse; Stock-price manipulation; Harmfulness; Stock Exchange; regulatory offence; Law n° 18.045.

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