2-1 Introduction

(1) Section 92(4) of the FSMR provides that market manipulation amounts to:

Behaviour [consisting] of effecting transactions or orders to trade (otherwise than for legitimate reasons and in conformity with Accepted Market Practices on the relevant market) which -
(a)give, or are likely to give, a false or misleading impression as to the supply of, or demand for, or as to the price of, one or more Financial Instruments; or
(b) secure the price of one or more such Instruments at an abnormal or artificial level.
(2) The following Rules of this chapter set out the Regulator's views on conduct that contravenes paragraphs (a) and (b) of Section 92(4).