The National Securities Commission (CNVM) published on its webpage the first set of measures put up by the European Committee for Securities Regulations (CESR), in order to implement the Market Abuse Directions.

Based on this set of measures, CNVM will soon publish a guide referring to a set of operations that can be considered as market manipulating practices.

Buying or selling financial instruments the moment the market closes, in order to confuse investors who act according to the closing price will be considered as market manipulation.

One or several persons acting together in order to insure a dominating position on the offer or demand of a certain financial instrument, with consequences on the way the price is formed is also market manipulation.

Another way to consider the market as being manipulated is given by the occasional or often access to traditional media, along with formulating an opinion on some financial instrument.