Article L. 465-3-2 of the CMF makes it an offense for an individual to disseminate, by any means, information which gives false or misleading information about the situation or prospects of an issuer or about the offer, demand or price of a financial instrument, or which fixes or is likely to fix the price of a financial instrument at an abnormal or artificial level.

The information can be of any kind, regardless of its potential characteristics (accuracy, etc.). It does not have to be inherently inaccurate, rather it must have the effect of causing an error on the part of the individual receiving it.

An offense is not committed in cases where the transaction or conduct is based on legitimate grounds, i.e. economically justified and not artificial or fictitious, and is in accordance with accepted market practices, within the meaning of Article 3(1)(9) of the MAR Regulation.

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