The AFM has published a joint guidance on auction manipulation together with regulators from Belgium (CBFA), France (AMF) and Portugal (CMVM). The guidance memorandum describes certain manipulative irregularities which were signalled on the securities markets of NYSE Euronext during the term of rights issues.

The AFM has emphasised that this publication does not contain new regulations and is in line with previous AFM publications concerning market manipulation. The guidance memorandum is also in line with the “guidance” drawn up by CESR in respect of the EU directive on market abuse.