2-3 Defences

(1) A number of defences to section 92(4) are set out in within section 92(4) itself.

Market Practice
(2) If a person establishes that they carried out the conduct or practice for legitimate reasons and in conformance with an Accepted Market Practice (see section 92(4)).

Price Stabilisation
(3) Section 93(3)(b) provides that:

Behaviour does not amount to Market Abuse for the purposes of these Regulations if ... it conforms with the Price Stabilising Rules...
(4) The effect of section 93(3)(b) is that if a person establishes that they carried out a Price Stabilisation in accordance with the ADGM Rulebook, this conduct will not contravene section 92. The Price Stablising Rules as defined in the FSMR set out the relevant Rules relating to carrying on a Price Stabilisation that must be complied with.

Purchase of one's own Shares
(5) Another general example of conduct which may amount to a defence to market manipulation includes instances where a person purchases their own Shares in accordance with the FSMR and Markets Rules.