Market abuse regulation – the issue of administrative responsibility

Piktnaudžiavimo rinka direktyvoje 2003/6/EB numatyta, kad už draudimų piktnaudžiauti rinka pažeidimus, t. y. už manipuliavimą rinka ir pasinaudojimą viešai neatskleista informacija, valstybės narės turi numatyti proporcingas ir atgrasančias sankcijas. Už minėtų draudimų pažeidimus Lietuvoje fiziniams asmenims remiantis ATPK 1735 straipsnio 4 dalimi gali būti paskirta iki 30 tūkst. litų bauda (apie 8 700 eurų). Tačiau Piktnaudžiavimo rinka reglamentas, kuris greitu laiku pakeis 2003 m. direktyvą, už draudimų manipuliuoti rinka ir naudotis viešai neatskleista informacija pažeidimus fiziniams asmenims įtvirtina iki 5 mln. eurų administracines baudas. Pagrindinis straipsnio tikslas – išanalizuoti fizinių asmenų administracinės atsakomybės taikymo klausimą Lietuvoje, atsižvelgiant į naująjį ES piktnaudžiavimo rinka reglamentą.In the first part of the article the evolution of EU market abuse legal documents is being presented. The issue of established legal liability for market manipulation and insider dealing in EU legal acts and the implementation of this liability in member states has been discussed. Advantages and disadvantages of the selected way from minimum harmonization directives to directly applicable regulations is being analyzed. In the second part of the article the issues of legal liability for market abuse violations established in Lithuania is being examined. Penalties tightening trend and relevant issues of new project of Lithuanian administrative code is being considered. In the third part of the article the issue of compatibility between administrative 5 million euros penalty established in the new Market abuse regulation and the general concept of Lithuanian administrative liability is being considered. Separation of administrative and criminal liability for market abuse violations is being discussed. In the end of the article conclusions regarding practical application of penalties, established in Market abuse regulation and that can reach millions of euros, in Lithuania are being presented