The Legislative Changes on Criminal Liability of Capital Market

Abstract

Given the entry into force of the new Penal Code and of the Law no.187 / 2012 implementing the Criminal Code, amid the legislative changes at the Community level, the criminal liability regarding the deeds on the capital market has changed both in terms of sanctions, as well as the criminalization, although some persist. Tightening the sanctions regime by removing the penalty of fines and introducing the complementary punishment in the national law and the adoption of Directive 2014/57 / EU on criminal sanctions for market abuse are issues that we will develop in this study, given that the offenses on the capital market are regarded as particularly serious crimes having a cross-border dimension by their nature and impact.