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  • MAM-1.3 MAM-1.3 Market Abuse

    • MAM-1.3.1

      For the purposes of this Module, market abuse is behaviour or conduct (whether by one person alone or by two or more persons jointly or in concert):

      (a) Which occurs in relation to securities traded on a market to which this Module applies;
      (b) Which satisfies any one or more of the conditions set out in paragraph MAM-1.3.2; and
      (c) Which is likely to be regarded by a regular user of that market who is aware of the behaviour or conduct as a failure on the part of the person or persons concerned to observe the standard of behaviour or conduct reasonably expected of a person in his or their position in relation to the market.
      November 2010

    • MAM-1.3.2

      The conditions referred to in paragraph MAM-1.3.1 (b) are that:

      (a) The behaviour or conduct is based on information which is not generally available to those using the market but which, if available to a regular user of the market, would or would be likely to be regarded by him as relevant when deciding the terms on which dealings or transactions in securities of the kind in question should be effected;
      (b) The behaviour or conduct is likely to give a regular user of the market a false or misleading impression as to the supply of, or demand for, or as to the price or value of, securities of the kind in question;
      (c) A regular user of the market would, or would be likely to, regard the behaviour or conduct as behaviour or conduct which would, or would be likely to, distort the market in securities of the kind in question.
      November 2010

    • MAM-1.3.3

      For the purposes of this Module, the behaviour or conduct which is to be regarded as occurring in relation to securities, includes behaviour or conduct which:

      (a) Occurs in relation to anything which is the subject matter, or whose price or value is expressed by reference to the price or value of those securities; or
      (b) Occurs in relation to securities whose subject matter is those securities.
      November 2010

    • MAM-1.3.4

      Information which can be obtained by research or analysis conducted by, or on behalf of users of a market, is to be regarded for the purposes of this Module as being generally available to them.

      November 2010

    • MAM-1.3.5

      Behaviour or conduct does not amount to market abuse if it conforms with a rule which includes a provision to the effect that behaviour or conduct conforming with the rule does not amount to market abuse.

      November 2010

    • MAM-1.3.6

      Any reference in this Module to a person engaged in market abuse is a reference to a person engaged in market abuse whether alone or with one or more other persons.

      November 2010

    • MAM-1.3.7

      In this Module; "behaviour or conduct" includes action or inaction; "regular user" in relation to a particular market means a reasonable person who regularly deals on that market in securities of the kind in question.

      November 2010

    • MAM-1.3.8

      The types of behaviour or conduct that amount to market abuse include:

      (a) Abuse of information:
      (i) Insider dealing;
      (ii) Improper disclosure;
      (iii) Misuse of information.
      (b) Market manipulation:
      (iv) Manipulating transactions;
      (v) Manipulating devices;
      (vi) Dissemination;
      (vii) Misleading behaviour and distortion.
      November 2010