Judgment of the Court (Grand Chamber) of  22 November 2005  in Case C-384/02: Reference for a preliminary ruling from the Københavns Byret in the criminal proceedings against Knud Grøngaard, Allan Bang (Directive 89/592/EEC — Insider dealing — Disclosure of inside information to third parties — Prohibition)
Date: 2006-02-11
Institutions: Court of Justice
Subjects: confidentiality, dissemination of information, interpretation of the law, merger, professional association, stock-exchange listing

11.2.2006

EN

Official Journal of the European Union

C 36/1

I

(Information)

COURT OF JUSTICE

COURT OF JUSTICE

JUDGMENT OF THE COURT

employees and which appointed that person as a member of the
liaison committee, unless:

(Grand Chamber)

of 22 November 2005

in Case C-384/02: Reference for a preliminary ruling from
the Københavns Byret in the criminal proceedings against
Knud Grøngaard, Allan Bang (1)

(Directive 89/592/EEC — Insider dealing — Disclosure of
inside information to third parties — Prohibition)

(2006/C 36/01)

(Language of the case: Danish)

In Case C-384/02: Reference for a preliminary ruling under
Article 234 EC from the Københavns Byret (Denmark), made
by Decision of 14 August 2002, received at the Court on 25
October 2002, in the criminal proceedings against Knud Gron-
gaard, Allan Bang — the Court (Grand Chamber) composed of
V. Skouris, President, P. Jann, C.W.A. Timmermans, A. Rosas,
Presidents of Chambers, J.-P. Puissochet, R. Schintgen, S. von
J.N. Cunha Rodrigues and R. Silva de
Bahr,
Lapuerta, Judges; M. Poiares Maduro, Advocate General; H. von
Holstein, Assistant Registrar, gave a judgment on 22 November
2005, the operative part of which is as follows:

(Rapporteur),

1. Article 3(a) of Council Directive 89/592/EEC of 13 November
1989 coordinating regulations on insider dealing precludes a
person, who receives inside information in his capacity as an
employees' representative on a company's board of directors or in
his capacity as a member of the liaison committee of a group of
undertakings,
from disclosing such information to the general
secretary of the professional organisation which organises those

— there is a close link between the disclosure and the exercise of

his employment, profession or duties, and

— that disclosure is strictly necessary for the exercise of

that

employment, profession or duties.

As part of its examination, the national court must, in the light
of the applicable national rules, take particular account of:

— the fact that that exception to the prohibition of disclosure of

inside information must be interpreted strictly;

— the fact that each additional disclosure is liable to increase the
risk of that information being exploited for a purpose contrary
to Directive 89/592, and

— the sensitivity of the inside information.

2. Article 3(a) of Directive 89/592 precludes disclosure of

inside
information by the general secretary of a professional organisation
to colleagues, such as those referred to in the third and fourth
questions, except under the conditions set out in the reply to the
first and second questions.

As part of its examination, the national court must, in the light
of the applicable national rules, take particular account of the
criteria also set out in that reply.

(1) OJ C 7 of 11.01.2003.