Article 694 — Fraudulent Manipulation of Stock Exchange

Transactions. Whoever, through the facility of a stock exchange market or other market, with intent to create a false or misleading appearance of active public trading in a security or with respect to the market price of a security: a) effects a transaction in the security that involves no change in the beneficial ownership thereof; or b) enters an order for the purchase of the security, knowing that the security has been purchased by the same or different persons at substantially the same size, at substantially the same time, at substantially the same price, or an order for such purchase of the security has been or will be entered by or for the same or different persons; or c) enters an order for the sale of the security, knowing that the security has been sold by the same or different persons at substantially the same size, at substantially the same time, at substantially the same price or an order for such sale of the security has been or will be entered by or for the same or different persons, is punishable with simple imprisonment, or, in serious cases, with rigorous imprisonment not exceeding five years.