Market manipulation and insider dealing: defence in Frankfurt.
For many years we have defended bankers, traders, market makers, brokers and trading venue staff in market abuse proceedings, from the first BaFin hearing to trial.
Call in confidence · +49 69 24746870
Where the regulator, the exchange
and the prosecutor sit.
Insider dealing and market manipulation.
Insider dealing (Art. 14 MAR) and market manipulation (Art. 15 MAR) are criminal offences in Germany under section 119 of the Securities Trading Act (WpHG), with up to five years' imprisonment; attempts are punishable. Manipulation committed while working for an investment firm, an exchange, a trading venue or a supervisory authority carries one to ten years. Without an actual price effect, or where conduct is reckless, BaFin can impose substantial administrative fines. Insider dealing and manipulation in crypto assets are also criminal offences (section 46 KMAG with MiCA).
From trade surveillance to prosecution.
Cases usually start with exchange surveillance, suspicious transaction and order reports (Art. 16 MAR) or BaFin's own market analysis, followed by information requests and hearings. Anyone asked may refuse answers that would expose them to criminal or administrative proceedings (section 6(15) WpHG). Once there is suspicion of a criminal offence, BaFin must inform the public prosecutor (section 11 WpHG). We represent clients in BaFin hearings, including cases involving foreign regulators, and in criminal proceedings, in German and English.
One partner. From the first call to the conclusion.
From the outset you speak with the partner who actually runs your case, not with an apparatus.
Market abuse defence, briefly explained.
Do I have to answer BaFin's questions?
BaFin can request information from anyone, but you may refuse to answer questions that would expose you to criminal or administrative proceedings, and you must be informed of this right.
Is crypto market abuse a crime in Germany?
Yes. Insider dealing and market manipulation in crypto assets are prohibited by MiCA and punishable under section 46 KMAG.
General information on German law, not legal advice for an individual case. The German version of this page: Deutsch.
A BaFin hearing or an investigation?
Speak with Alexander Rumpf before you answer.
Call in confidence · +49 69 24746870