UNLAWFUL SPECULATION IN THE SECURITIES MARKET
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Abstract
Unlawful speculation within the securities market constitutes a fundamental breach of disclosure and transparency principles. Such practices, often orchestrated by individuals with substantial expertise in securities market intricacies, are designed to accrue personal gains while detrimentally affecting other investors.
These acts of unlawful speculation are varied; however, legislative bodies have endeavored to shield the market from these detrimental behaviors with a robust legal framework, thus preserving the integrity of the securities market and protecting its investors.
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References
Books:
Ahsan Bouskia, The Concise in General Penal Law, 12th Edition, Dar Houma, Algeria, 2019, p.29.
Ahmed El-Baz, Commitment to Transparency and Disclosure of Information in the Securities Exchange - A Comparative Study, Dar Al-Jamea Al-Jadida, Egypt, 2015, p.331.
Ahmed Ibrahim SheblHegazy, Legal Dimensions of Supervision on Trading in the Egyptian Securities Exchange, Dar Al-Nahda Al-Arabiya, Egypt, 2017, pp.140-141.
Ismail Mohamed Ali Otman, The Legal System for Trading Joint Stock Company Shares on the Stock Exchange, Dar Al-Jamea Al-Jadida, Egypt, 2016, pp.296-297.
Khaled Ahmed SaifShaarawi, The Legal Framework for Trading Operations on the Stock Exchange, 1st Edition, Dar Al-Jamea Al-Jadida, 2015, p.402.
Mohamed Ahmed Salam, Transparency and Disclosure in the Securities Market: A Comparative Economic and Legal Study (Egypt-Saudi Arabia-USA-France), 2nd Edition, Dar Al-Nahda Al-Arabiya, Egypt, 2020, pp.346-347.
Mohamed Ali Soueilm, Criminal Protection of the Stock Exchange: Procedural Aspects and Substantive Rules - A Comparative Study, Modern University Office, Date and Country of Publication not specified, January 2019, p.80.
Theses:
FatihaBenazzouz, The Role of the Committee for the Regulation and Monitoring of Stock Exchange Operations in Protecting the Shareholder in a Joint Stock Company, Doctoral Thesis, Private Law, Faculty of Law and Political Science, Abu Bakr Belkaid University-Tlemcen, 2015-2016, p.469.
Nadia Belabbes, Regulation of Stock Exchange Activity in Algeria, Doctoral Thesis, Said Hamdine Law School, University of Algiers 1 BenyoucefBenkhedda, 2020-2021, p.124.
Articles:
DouniazadThabet, Crimes of Unlawful Speculation in Algerian Legislation - A Study in Light of Law 21-15 Relating to the Combat of Unlawful Speculation, Journal of Law and Humanities, Volume 15, Issue 02, 2022, p.696.
Hassan Tahrawi, The Specifics of Criminalization in the Crime of Unlawful Speculation According to Law No. 21-15, Journal of Legal and Political Thought, Volume 6, Issue 2, 2022, p.530.
Said Bouheraoua, Manipulation in Financial Markets - An Analytical Critical Presentation, 20th Session of the Islamic Fiqh Academy held in Mecca on 19-23 Muharram 1432 corresponding to 25-29 December 2010, p.13.
WafaSadrati, The Crime of Unlawful Speculation in Algerian Legislation under Law 21-15, Journal of Legal and Social Sciences, Volume 8, Issue 1, ZianAchour University in Djelfa - Algeria, March 2023, p.1318.
Decisions and Laws:
Order No. 75-59 dated 26 September 1975, containing the Commercial Law, amended and supplemented by Law No. 22-09 dated 4 Shawwal 1443 corresponding to 5 May 2022, Official Gazette No. 32 of 2022.
Order 75-58 containing the Algerian Civil Law issued on 26-09-1975, amended and supplemented by Law No. 07-05 dated 13 May 2007. Laws:
Law No. 03-04 dated 17 February 2003, relating to the Stock Exchange, Official Gazette No. 11, issued on 19 February 2003.
Law 21-15 dated 29 December 2021 relating to the Combat of Unlawful Speculation, Official Gazette No. 99, issued on 29 December 2021. Legislative Decrees:
Legislative Decree 93-10 dated 23 May 1993 concerning the Stock Exchange, Official Gazette No. 34, issued on 23 May 1993, amended and supplemented by Law 03-04 17 February 2003. Regulatory Texts:
Regulation of the Committee No. 23-04 dated 25 October 2023, concerning the General System of the Stock Exchange, Official Gazette No. 05, issued on 25 January 2024, p.10.