DiKE Markt- und Kursmanipulation

Since the inception of stock exchanges, market participants have sought to enhance their fortunes through manipulative practices. On February 1, 1997, a federal criminal prohibition against market manipulation was introduced (now Article 155 of the FinfraG). Against the backdrop of European legal developments, an additional supervisory prohibition against market manipulation came into effect on May 1, 2013 (now Article 143 of the FinfraG), and the FINMA's oversight against market abuse was expanded. This Zurich dissertation describes the offenses of market manipulation under Article 143 of the FinfraG and price manipulation under Article 155 of the FinfraG, as well as the exceptions outlined in Article 122 of the FinfraV. It addresses certain doctrinal and legal-political questions arising in connection with the new supervisory prohibition of market manipulation, such as its quasi-criminal nature. Furthermore, the dissertation proposes a new concept aimed at clarifying uncertainties in distinguishing between permissible stock exchange transactions and those classified as trade-based market manipulations under Article 143(1)(a) of the FinfraG. It also suggests the introduction of a justification layer to Article 143 of the FinfraG to resolve doctrinal contradictions in its interpretation. Finally, the dissertation examines specific procedural questions and potential civil law consequences of interventions in stock price formation.