Наказателноправната уредба на ЕС за противодействие на пазарната злоупотреба
The EU Criminal Law Regulation on Counteraction against Market Abuse

Summary/Abstract: The basic regulatory act of the EU in the field under consideration is Directive 2014/57/ЕU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse, which has been effective since 2 July 2014. Prior to its adoption there was no EU criminal law regulation dealing with market abuse. A critical analysis is carried out of a part of the content of the Directive, namely the part which evidences the conditionality of the EU institutions’ political will that is reflected in the Directive. The provisions of Art. 12 show that, as early as its adoption, the EU institutions presume that: а) due to differences in the interpretation of the term “serious cases”, which is a key one in clarifying the obligatory standards of criminal law, the Member States will lay down provisions on counteraction against market abuse that substantially differ in their scope of applicability; b) there will also be considerable differences in the regulation of the sanctioning regime in the individual Member States; c) such differences will also be present in the attitude of the Member States toward those options recommended in the Directive which go beyond the framework of the obligatory minimum standards of criminal law. In the course of examination, the basic particularities of the EU criminal law regulation on counteraction against market abuse are systematized and clarified. The first particularity is connected with the main objective pursued by the Directive, namely, to oblige the Member States to shift from regulating administrative liability to regulating criminal liability for committing market abuse. The second particularity relates to outlining the scope of manifestations of market abuse that have to be criminalized. This scope comprises three basic types of conduct. The third particularity is connected with the sanctioning policy in the sphere of market abuse. This policy is differentiated on the basis of whether it applies to individuals or legal entities. The fourth particularity concerns the operation of the national criminal law of the place.

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