CAMBIAMENTI NELLA DISCIPLINA SULL'ABUSO DI MERCATO

In this paper we will see the main issues addressed by the European regulation, as well as the main differences with the previous legislation. In the first chapter, after a brief introduction of the European and Italian regulatory framework, the scope of the new Community legislation is described. Subsequently, the three facts that constitute market abuse are analyzed, going into detail to describe the issues of market manipulation, the abuse of inside information (insider dealing) and the unlawful communication of the latter. In addition to these abusive behaviors, the Regulation describes a series of exemptions and behaviors allowed in order not to create too many frictions to the market. Finally, the European legislator provides a set of measures to prevent market abuse and confer powers to the competent supervisory authorities and defines a system of sanctions in order to restrain on such abusive practices. All these issues will be addressed in the first chapter of the elaborate. Thanks to a traineeship experience at Banca Sella Holding Spa I was able to observe the market making activity carried out by internal financial operators within this new regulatory context. In the second chapter, the activities carried out by market makers and the role they play in the European discipline will be described. Lastly, useful indicators are reported to identify possible abusive conduct, including those of market makers, as well as practices that constitute abuse of the market.