# C_2011252EN.01001302.xml

| 27.8.2011 | EN | Official Journal of the European Union | C 252/13 |
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27.8.2011

EN

Official Journal of the European Union

C 252/13

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Reference for a preliminary ruling from the Curte de Apel Cluj (Romania) lodged on 23 May 2011 — Criminal proceedings against Rareș Doralin Nilaș, Gicu Agenor Gânscă, Ana Maria Oprean (née Șchiopu), Sergiu Dan Dascăl, Ionuț Horea Baboș

(Case C-248/11)

2011/C 252/26

Language of the case: Romanian

Referring court

Referring court

Curte de Apel Cluj

Parties to the main proceedings

Parties to the main proceedings

Rareș Doralin Nilaș, Gicu Agenor Gânscă, Ana Maria Oprean (née Șchiopu), Sergiu Dan Dascăl, Ionuț Horea Baboș

Questions referred

Questions referred

| 1. | Can Article 4(1)(14) and Articles 9 to 14 of Directive 2004/39/EC (1) be interpreted as applying both to the main trading market authorised by the CNVM (Comisia Națională a Valorilor Mobiliare [National Securities Commission]) and to the secondary trading market, which has been incorporated into the former since 2005 (omissis) but has continued to be regarded as separate from the regulated market, even though its legal status has not been clarified by way of legislation? |
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1.

Can Article 4(1)(14) and Articles 9 to 14 of Directive 2004/39/EC (1) be interpreted as applying both to the main trading market authorised by the CNVM (Comisia Națională a Valorilor Mobiliare [National Securities Commission]) and to the secondary trading market, which has been incorporated into the former since 2005 (omissis) but has continued to be regarded as separate from the regulated market, even though its legal status has not been clarified by way of legislation?

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| 2. | Must the provisions of Article 4(1)(14) of Directive 2004/39/EC be interpreted as meaning that the concept of a regulated market does not encompass those trading systems which do not comply with the provisions of Title III of the MIFID directive? |
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2.

Must the provisions of Article 4(1)(14) of Directive 2004/39/EC be interpreted as meaning that the concept of a regulated market does not encompass those trading systems which do not comply with the provisions of Title III of the MIFID directive?

| 3. | Must the provisions of Article 47 of Directive 2004/39/EC be interpreted as meaning that a market which has not been notified by a competent national authority and is not included in the list of regulated markets is not subject to the legal rules applicable to the regulated markets, in particular as regards the rules designed to prevent market abuse under Directive 2003/6/EC? |
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3.

Must the provisions of Article 47 of Directive 2004/39/EC be interpreted as meaning that a market which has not been notified by a competent national authority and is not included in the list of regulated markets is not subject to the legal rules applicable to the regulated markets, in particular as regards the rules designed to prevent market abuse under Directive 2003/6/EC?

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(1)  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).

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