The prohibition of market manipulation, insider dealing and the passing on of inside information (tips) are the three most common forms of market abuse. The disclosure obligation of listed companies and the obligation for certain shareholders to report interests in listed companies (the old “statutory reporting authority” or WMZ reports) are close to this. With a stock market fund in times of crisis, public bids and in the case of shareholder activism, each of these issues constitutes a risk or a weapon, depending on the role of the involved party.
The complex regulations and an assertive regulator make it almost impossible for listed institutions and professional shareholders to find their way without legal assistance. Spigthoff sets the tone for this area of law and its enforcement (see sanction law) with a large number of specialists in this broad field.
Michiel van Eersel
Frank ‘t Hart