The new market abuse regime in Greece: A step towards increased market transparency or a new source of confusion?

Panagiotis K. Staikouras (3‐5 Papaflessa Street, Galatsi, 111 46, Athens, Greece; e‐mail: p.staikouras@lse.ac.uk)

Journal of Financial Regulation and Compliance

ISSN: 1358-1988

Publication date: 1 December 2004

Abstract

The Greek insider trading and market manipulation (market abuse) regime is in the process of transformation by the new Code on Capital Market, which internalises the provisions of the 2003 Market Abuse Directive. The new market abuse prohibition follows an effect‐oriented approach, which, in conjunction with the application of strict administrative law sanctions, is likely to expand the scope of liability. Though, however, the new market abuse regime will facilitate the prosecution of insiders and manipulators, a number of issues are left open to discussion. Consequently, supervisory authorities and courts are required to display particular care in the interpretation and application of the new regime in order to ensure effective enforcement.

Keywords

Citation

Staikouras, P. (2004), "The new market abuse regime in Greece: A step towards increased market transparency or a new source of confusion?", Journal of Financial Regulation and Compliance, Vol. 12 No. 4, pp. 315-329. https://doi.org/10.1108/13581980410810867

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Emerald Group Publishing Limited

Copyright © 2004, Emerald Group Publishing Limited

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