Article 91: Prohibition of market manipulation

1. No person shall engage in or attempt to engage in market manipulation.

2. For the purposes of this Regulation, market manipulation shall comprise any of the following activities:

(a)

unless carried out for legitimate reasons, entering into a transaction, placing an order to trade or engaging in any other behaviour which:

(i)

gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of, a crypto-asset;

(ii)

secures, or is likely to secure, the price of one or several crypto-assets at an abnormal or artificial level;

(b)

entering into a transaction, placing an order to trade or any other activity or behaviour which affects or is likely to affect the price of one or several crypto-assets, while employing a fictitious device or any other form of deception or contrivance;

(c)

disseminating information through the media, including the internet, or by any other means, which gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of one or several crypto-assets, or secures or is likely to secure, the price of one or several crypto-assets, at an abnormal or artificial level, including the dissemination of rumours, where the person who engaged in the dissemination knew, or ought to have known, that the information was false or misleading.

3. The following behaviour shall, inter alia, be considered market manipulation:

(a)