European Cooperation (Oct 2015)
MAIN PROBLEMS OF CRIMINALIZATION OF MANIPULATION OF THE STOCK MARKET (ART. 222-1 CRIMINAL CODE OF UKRAINE)
Abstract
The author defines the content of objective and subjective evidence of the crime. The objective features included such as manipulating the stock market, material damage and a causal link between the act and the result. In addition, objective features proposes that the acts is committed by manipulation along with the stock market. One of these actions is profit. Profit - is an action relating to the receipt money as the difference between gross income and gross expenditure. The consequences should be recognized manifestations of the damage, which is formed by the manipulation of the stock market.Subjective features - is features that associated with the direct intent in the commission of the manipulation of the stock market. Regarding to this, specific feature is the goal - profit.The article examines the impact of the objective and subjective fitures on designing the offense under Article 222-1 of the Criminal Code of Ukraine. To do this author defines the types of the manipulation in the stock market, according to current regulatory legislation of Ukraine.Author substantiates that the design of crime "stock market manipulation" certain types of the manipulation are not captured and can not cause material damage. Subjective features contribute to the determining the extent of such damage.Analyzed the meaning of individual objective and subjective features of crime. Determined by the specific shaping the content of such features. The article set out the basic approache that define the social danger of the crime, significant damage as it is profit’s indicator. The relationship between the concepts "substantial harm" and "damage" and "significant damage" when determining the characteristics of the criminalization of the manipulation of the stock market is analyzed.During the research process author came to the following conclusions: defined the meaning of social indicators of public danger of manipulation in the stock market that influence to the criminalization of the offense; grounded that the main indicator is the damage; the existence of such damage related to the type of manipulation; description of gravity of the manipulation of the stock market has to justify on the basis of recognition of its separate component of significant damage; substantial harm in this case takes the value of summary measure of public danger of the manipulation in the stock market; the legislator at the criminalization of the manipulation of the stock market determines the size of a socially dangerous act and the consequences that come to its end.
