title: Market abuse
text: In economics and finance, market abuse may arise in circumstances where investors in a financial market have been unreasonably disadvantaged, directly or indirectly, by others who:
   have used information which is not publicly available (insider dealing)
   have distorted the price-setting mechanism of financial instruments
   have disseminated false or misleading information (market manipulation)
  
  Market abuse is split into two different aspects (under EU definitions):
  Insider dealing: where a person who has information not available to other investors (for example, a director with knowledge of a takeover bid) makes use of that information for personal gain
  Market manipulation: where a person knowingly gives out false or misleading information (for instance, about a company's financial circumstances) in order to influence the price of a share for personal gain
  
  In 2013/2014, the EU updated its legislation on market abuse, and harmonised criminal sanctions. In the 2015 Danish European Union opt-out referendum, the Danish population rejected adoption of the 2014 market abuse directive (2014/57/EU) and much other legislation.
  
  In the UK, the market abuse directive (MAD) was implemented in 2003 to reduce market abuse. It applied to any financial instrument admitted to trading on a regulated market or in respect of which a request for admission to trading had been made. MAD was subsequently replaced by the Market Abuse Regulation (MAR) in 2016.
  
  See also
   Anti-competitive practices
   Insider trading
   Financial Services and Markets Act 2000
   EU law
   ISO 37001 Anti-bribery management systems
   Group of States Against Corruption
   International Anti-Corruption Academy
   United Nations Convention against Corruption
   OECD Anti-Bribery Convention
  
  References
  
  Further reading
   
  
  Abuse
  Anti-competitive practices
  Ethically disputed business practices
  Corruption
  Financial crimes
  Insider trading
  Stock market