Judgment — ECLI:EU:C:2001:238
Date: 2001-05-03
Language of the case: Dutch
Court formation: Sixth Chamber
Based on: Treaty establishing the European Economic Community (1957)
Subject matter: Approximation of laws
Concepts: Financial services
Procedure: Reference for a preliminary ruling
Origin: Belgium

Summary of the Judgment 
Approximation of laws — Insider dealing — Directive 89/592 — Prohibition on the 
use of inside information — Member States' option to extend the scope of the 
prohibition, provided that it applies generally — Breach — Consequences 
(Council Directive 89/592, Arts 2 and 6) 
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SUMMARY — CASE C-28/99 
Article 6 of Directive 89/592 coordinating 
regulations on insider dealing does not 
preclude the application of legislative pro­
visions of a Member State which, as 
regards the prohibition of use of inside 
information, are more stringent than those 
laid down by the directive, provided that 
the scope of the definition of inside 
information used for applying that legisla­
tion is the same for all natural or legal 
persons subject to the legislation. 
If provisions of national law run counter to 
Article 6 of Directive 89/592, by reason of 
the fact that certain natural or legal persons 
are specifically exempted from a more 
stringent prohibition of use of inside 
information than that laid down by the 
directive, the national court must disapply 
those more stringent provisions with regard 
to all persons to whom they might other­
wise apply. 
(see paras 35, 38 and operative part 1-2) 
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