Regulator announces small fine for market manipulation

Latvia's financial regulator, the Financial and Capital Market Commission (FKTK) on June 15 announced it was imposing a penalty on one of two people named for manipulating the financial markets.

In a press release, FKTK said a decision was taken back on June 5 "to make a public statement regarding violation of European Union regulatory enactments by Mara Lībiete and to impose a fine of EUR 1 000 on Jānis Žavners."

The incident resulting in the fine happened well over a year ago. The sanctions are appropriate because in the period from 15.02.2017 to 29.03.2017 Jānis Žavners and Māra Lībiete violated Article 15 of Regulation 596/2014 which relates to the prohibition of market manipulation, the regulator said.

In fact, Article 15 is extremely short and clear stating simply: "A person shall not engage in or attempt to engage in market manipulation.

FKTK confirmed to LSM that only Žavners was being fined while Lībiete was being identified on a "name and shame" principle as a participant in the scheme which involved shares in the companies AS "Rīgas kuģu būvētava" (Riga Shipyard) and AS "SAF tehnika", a manufacturer of electronic equipment.

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