Creative Commons

This dissertation was written as part of the LLM in Transnational and European Commercial Law, Banking Law, Arbitration/Mediation at the International Hellenic University. Through the course of this essay, we will provide a clear view on the implementation of the MAR in the Greek legal system and on what one might expect concerning the imposition of sanctions by the Greek legal order, along with the analysis of their legal basis. The final aim is to answer on whether – in the author’s opinion – the newly established legal system and legislative process have been effective in regards to achieving their goals, which are the strengthening of supervision and suppression of instances of market abuse in the financial sector. The course of the analysis will be as follows. First, there will be a small introduction on the aims of the Market Abuse Regulation, and how they are expected to be achieved, through proper supervision and the enforcement of multileveled sanctions on violators, in order to justify why their imposition is important in supporting the new legislative process, towards the achievement of those aims. Afterwards, a more detailed analysis will follow on liability issues, arising under the provisions of the Regulation, in conjunction with the sanctions that may be imposed from the infringement of those liabilities. In particular, we will deal with the obligations and liabilities arising under the principle of market integrity, as regulated under Chapter 2, and specifically Article 8 on Inside Dealing, Article 10 on Unlawful Disclosure of Information and Article 12 on Market Manipulation, in combination with Chapter 3 on Disclosure Requirements. Following the analysis of liabilities and sanctions arising from the provisions of the MAR, we will proceed with the exposition of some data, extracted by the Greek National Competent Authority for the supervision of the financial sector, which is the Hellenic Capital Markets Commission and a few interesting decisions, in order to build a concrete point of view on practical implementation. Finally, an assessment will be made on whether the sanctioning system, as it is formed up to this day, in Greece follows the commands of the European spirit for the protection of the capital markets and the importance of the combination of different kinds of sanctions as a means of effectiveness towards the achievement of the MAR objectives. At this point, I would like to pay my respect and give my acknowledgments to Pr. Dr. Angelos Dimopoulos, my supervisor on this thesis and professor on Capital Markets Law and the whole academic and administrative staff of the International Hellenic University, for providing a thorough and fertile academic experience. In addition, I would like to acknowledge visiting professor Prof. Dr. Chris Tomale, for his interesting and passionate lecture on Article 7 MAR, which was the kick-off of my thesis decision.