Article L. 465-3-1 of the CMF makes it an offense for any person who carries out a transaction to place an order or engage in any conduct that gives or is likely to give misleading signals about the supply, demand or price of a financial instrument or that fixes or is likely to fix at an abnormal or artificial level the price of a financial instrument.

It is irrelevant whether or not the proper functioning of the market has actually been altered. An attempt to do the same also constitutes an offense.

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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