Autor: Ana Zaporojan

Publicat în: Revista Universul Juridic nr. 8/2021

Articol disponibil onlineaici.

Abstract: EU Regulation No. 596/2014 (Market Abuse Regulation) provides that where a legal or natural person in possession of inside information acquires or disposes of, or attempts to acquire or dispose of, for his own account or for the account of a third party, directly or indirectly, financial instruments to which that information relates, it should be implied that that person has used that information. This article deals with the presumption of insider dealing. It provides a brief description of the social context which triggered the imposition of such presumption and an overview of the insider dealing cases where the presumption is enforceable and the exceptions thereto. This article includes references to the practice of the European Court of Justice in respect of the presumption of insider dealing and explains the manner in which the presumption may be applied in criminal proceedings and its compatibility with the principle of the presumption of innocence.

Keywords: capital markets, market abuse, inside information, insider dealing