Market manipulation

1. Market manipulation includes the following actions:

1) intentional dissemination through mass media, including via electronic, information and telecommunications networks, access to which is not restricted to a specific group of persons (including the "Internet"), or by any other means of manifestly false information, as a result of which the price, demand, supply or volume of trading in financial instruments, foreign currency and/or goods has deviated from the level or been maintained at a level significantly different from the level that would have formed without the dissemination of such information;

(as amended by Federal Law No. 200-FZ dated July 11, 2011)

2) conducting operations with a financial instrument, foreign currency and (or) goods pursuant to an agreement between market participants and (or) their employees and (or) persons for whose account or in whose interest such operations are conducted, as a result of which the price, demand, supply or volume of trading in a financial instrument, foreign currency and (or) goods deviated from the level or were maintained at a level significantly different from the level that would have formed without such operations. This paragraph applies to organized trading, operations on which are carried out based on bids addressed to all market participants, in cases where information about persons who submitted bids as well as about persons for whose account bids were submitted is not disclosed to other market participants;

3) entering into transactions, the obligations under which are performed at the expense of or in the interest of one party, resulting in the price, demand, supply or volume of trading in financial instruments, foreign currency and (or) goods deviating from a level or being maintained at a level significantly different from the level that would have formed without such transactions. This paragraph applies to organized trading, transactions on which are concluded based on bids addressed to all participants in the trading, in cases where information about the parties who submitted bids, as well as about the parties for whose benefit the bids were submitted, is not disclosed to other participants in the trading;

4) submitting bids at the expense of or in the interest of one party, resulting in two or more opposing bids appearing simultaneously on organized trading, where the purchase price of a financial instrument, foreign currency and (or) commodity is higher than or equal to the selling price of the same financial instrument, foreign currency and (or) commodity, if operations based on these bids have caused the price, demand, supply or volume of trading in the financial instrument, foreign currency and (or) commodity to deviate from or be maintained at a level significantly different from the level that would have formed without such operations. This paragraph applies to organized trading where operations are conducted based on bids addressed to all participants in the trading, provided that information about the parties who submitted these bids, as well as the parties for whose benefit these bids were submitted, is not disclosed to other participants in the trading;

5) repeated during a trading day execution of trades on organized exchanges on behalf of or in the interest of one party based on orders that, at the time of their submission, had the highest purchase price or lowest sale price for a financial instrument, foreign currency and/or commodity, resulting in a significant deviation from the level that would have been formed without such trades, with the aim of subsequently executing opposite trades on behalf of or in the interest of the same or another party at those prices and subsequently executing such opposite trades;

6) repeated during a trading day execution of trades on organized exchanges on behalf of or in the interest of one party with the intent to mislead regarding the price of a financial instrument, foreign currency and/or commodity, resulting in the price of the financial instrument, foreign currency and/or commodity being maintained at a level significantly different from the level that would have been formed without such trades;

7) repeated non-performance of obligations under transactions conducted on organized trading platforms without the intention to perform them, involving the same financial instrument, foreign currency and (or) commodity, as a result of which the price, demand, supply or volume of trading in the financial instrument, foreign currency and (or) commodity deviated from the level or were maintained at a level significantly different from the level that would have formed without such transactions. The aforementioned actions shall not be deemed market manipulation if obligations under these transactions were terminated on grounds provided for by the rules of the trading venue organizer and (or) clearing organization

Source: Federal Law No. 224-FZ dated July 27, 2010 (as amended on July 28, 2012) "On Counteracting Unlawful Use of Insider Information and Market Manipulation and on Amending Certain Legislative Acts of the Russian Federation"