Monitor Prawniczy

no. 9/2018

Naming and shamingas a sanctioning mechanism in Art. 34 of MAR

Anne-Marie Weber-Elżanowska
(LL.M. Berkeley) Autorka jest adiunktem w Katedrze Prawa Handlowego WPiA Uniwersytetu Warszawskiego oraz prawnikiem w Kancelarii Sołtysiński, Kawecki & Szlęzak.
Abstract

The article is aimed at analysing the issue whether the sanction of naming and shaming under Art. 34 of the Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC needs to be verified basing on fundamental principles of penal law, in particular the principle of the presumption of innocence. In the author’s opinion the use of a strongly repressive naming and shaming sanctioning mechanism set out in Art. 34 of MAR raises substantial questions concerning its compliance with fundamental rights of an individual and should therefore be applied by relevant financial supervision authorities of respective Member States with considerable caution and in accordance with the proportionality criterion set out in Art. 34 of MAR.