Japan's Financial Instruments and Exchange Act prohibits sham transactions, transactions made by prior arrangement, and series of transactions that move prices, among other conduct, in Article 1591. The EU Market Abuse Regulation defines "market manipulation" in Article 12 and prohibits it in Article 152.

Over-the-counter derivative transactions that relate to listed financial instruments and similar items are also within the scope of Article 159 of the Financial Instruments and Exchange Act1. The differences between the rules of each country are compared in the article "Market Manipulation and Spoofing".

Notes

  1. "金融商品取引法" (Financial Instruments and Exchange Act) Article 159, paragraph 1 (sham transactions and transactions by prior arrangement), paragraph 2 (series of transactions and others), paragraph 3 (unlawful stabilizing transactions). The coverage of over-the-counter derivative transactions is in the opening part of paragraph 1. ↩ ↩2

  2. Regulation (EU) No 596/2014, Article 12 (Market manipulation) and Article 15 (Prohibition of market manipulation). Text as adopted. ↩