# C_2012133EN.01001002.xml

| 5.5.2012 | EN | Official Journal of the European Union | C 133/10 |
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5.5.2012

EN

Official Journal of the European Union

C 133/10

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Judgment of the Court (Second Chamber) of 22 March 2012 (reference for a preliminary ruling from the Curtea de Apel Cluj — Romania) — Criminal proceedings against Rareș Doralin Nilaș, Sergiu-Dan Dascăl, Gicu Agenor Gânscă, Ana-Maria Oprean, Ionuț Horea Baboș

(Case C-248/11) (1)

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(Directive 2004/39/EC - Markets in financial instruments - Article 4(1)(14) - Concept of ‘regulated market’ - Authorisation - Functional requirements - Market whose legal nature is not specified, but which is managed, after a merger, by a legal person also managing a regulated market - Article 47 - Not included on the list of regulated markets - Directive 2003/6/EC - Scope - Market manipulation)

2012/C 133/18

Language of the case: Romanian

Referring court

Referring court

Curtea de Apel Cluj

Parties in the main proceedings

Parties in the main proceedings

Rareș Doralin Nilaș, Sergiu-Dan Dascăl, Gicu Agenor Gânscă, Ana-Maria Oprean, Ionuț Horea Baboș

Re:

Re:

Reference for a preliminary ruling — Curtea de Apel Cluj — Interpretation of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ 2004 L 145, p. 1), in particular Articles 4(1)(19), 9 to 14 and 47 — Definition of the concept of ‘regulated market’ — Inclusion of the Rasdaq Exchange, secondary market in financial instruments, not approved by the competent authorities but administered by the Bucharest Exchange, approved as a regulated market — Applicable legal rules — Offence of market manipulation.

Operative part of the judgment

Operative part of the judgment

| 1. | Article 4(1)(14) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC, as amended by Directive 2007/44/EC of the European Parliament and of the Council of 5 September 2007, must be interpreted as meaning that a market in financial instruments which does not satisfy the requirements in Title III of that directive does not fall within the concept of ‘regulated market’, as defined in that provision, notwithstanding the fact that its operator merged with the operator of such a regulated market. |
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1.

Article 4(1)(14) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC, as amended by Directive 2007/44/EC of the European Parliament and of the Council of 5 September 2007, must be interpreted as meaning that a market in financial instruments which does not satisfy the requirements in Title III of that directive does not fall within the concept of ‘regulated market’, as defined in that provision, notwithstanding the fact that its operator merged with the operator of such a regulated market.

| 2. | Article 47 of Directive 2004/39, as amended by Directive 2007/44, must be interpreted as meaning that the inclusion of a market on the list of regulated markets referred to in that article is not a precondition for the classification of that market as a regulated market within the meaning of that directive. |
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2.

Article 47 of Directive 2004/39, as amended by Directive 2007/44, must be interpreted as meaning that the inclusion of a market on the list of regulated markets referred to in that article is not a precondition for the classification of that market as a regulated market within the meaning of that directive.

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(1)  OJ C 252, 27.8.2011.

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