{
  "url": "https://openlegislation.uk/eu-regulation-2016-522/annex-II/section-2",
  "json_url": "https://openlegislation.uk/eu-regulation-2016-522/annex-II/section-2.json",
  "legislation": "eur/2016/522",
  "legislation_title": "Commission Delegated Regulation (EU) 2016/522 of 17 December 2015 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council as regards an exemption for certain third countries public bodies and central banks, the indicators of market manipulation, the disclosure thresholds, the competent authority for notifications of delays, the permission for trading during closed periods and types of notifiable managers' transactions (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2016-522",
  "path": "annex/II/section/2",
  "kind": "section",
  "number": "2",
  "heading": "INDICATORS OF MANIPULATIVE BEHAVIOUR RELATING TO THE EMPLOYMENT OF A FICTITIOUS DEVICE OR ANY OTHER FORM OF DECEPTION OR CONTRIVANCE (SECTION B OF ANNEX I OF REGULATION (EU) No 596/2014)",
  "text": "1..Practices specifying Indicator B(a) of Annex I of Regulation (EU) No 596/2014:\n(a)Dissemination of false or misleading market information through the media, including the internet, or by any other means, which results or is likely to result in the moving of the price of a financial instrument, related spot commodity contract, or an auctioned product based on emission allowances, in a direction favourable to the position held or to a transaction planned by the person or persons interested in the dissemination of the information;\n(b)Opening a position in a financial instrument, related spot commodity contract, or an auctioned product based on emission allowances and closing such position immediately after having publicly disclosed and having put emphasis on the long holding period of the investment — usually known as ‘opening a position and closing it immediately after its public disclosure’;\n(c)The practice set out in Point 4(c) of Section 1, usually known as ‘pump and dump’. This practice may also be illustrated by the following additional indicators of market manipulation:\n(i)dissemination of news through the media related to the increasing (or decreasing) of a qualified holding before or shortly after an unusual movement of the price of a financial instrument;\n(ii)the indicator set out in Point 5(d)(i) of Section 1;\n(d)The practice set out in Point 4(d) of Section 1, usually known as ‘trash and cash’. This practice may also be illustrated by the indicators set out in Point 5(d)(i) of Section 1 and Point 1(c)(i) of this Section;\n(e)The practice set out in Point 3(d) of Section 1, usually known as ‘concealing ownership’;\n(f)Movement or storage of physical commodities, which might create a misleading impression as to the supply of, or demand for, or price or value of, a commodity or the deliverable into a financial instrument or a related spot commodity contract;\n(g)Movement of an empty cargo ship, which might create a false or misleading impression as to the supply of, or the demand for, or the price or value of a commodity or the deliverable into a financial instrument or a related spot commodity contract.\n2..Practices specifying Indicator B(b) of Annex I of Regulation (EU) No 596/2014:\n(a)The practice set out in Point 1(a) of this Section. This practice may also be illustrated by entering orders to trade or transactions before or shortly after the market participant or persons publicly known as linked to that market participant produce or disseminate contrary research or investment recommendations that are made publicly available.\n(b)The practice set out in Point 4(c) of Section 1, usually known as ‘pump and dump’. This practice may also be illustrated by the indicator set out in Point 2(a)(i) of this Section.\n(c)The practice set out in Point 3(d) of Section 1, usually known as ‘trash and cash’. This practice may also be illustrated by the indicator set out in Point 2(a)(i) of this Section.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2016/522/annex/II/section/2",
    "retrieved_at": "2026-11-01T14:45:54.945627+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}