(b)

‘market manipulation’ means: bids, or transactions or orders on the secondary market: which give, or are likely to give, false or misleading signals as to the demand for or price of the auctioned products, or which secure, by a person, or persons acting in collaboration, an auction clearing price for the auctioned products at an abnormal or artificial level, unless the person who made the bid or, on the secondary market, the transaction or the order, establishes that its reasons for so doing are legitimate; bids which employ fictitious devices or any other form of deception or contrivance; dissemination of information through the media, including the Internet, or by any other means, which gives, or is likely to give, false or misleading signals as to the auctioned products, including the dissemination of rumours and false or misleading news, where the person who made the dissemination knew, or ought to have known, that the information was false or misleading. In respect of journalists when they act in their professional capacity such dissemination of information is to be assessed, taking into account the rules governing their profession, unless those persons derive, directly or indirectly, an advantage or profits from the dissemination of the information in question.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-30 · Text as adopted (Official Journal); later amendments are not incorporated in this text.