Joined Cases C-596/16 and C-597/16: Judgment of the Court (Grand Chamber) of 20 March 2018 (request for a preliminary ruling from the Corte suprema di cassazione — Italy) — Enzo Di Puma v Commissione Nazionale per le Società e la Borsa (Consob) (C-596/16), Commissione Nazionale per le Società e la Borsa (Consob) v Antonio Zecca (C-597/16) (References for a preliminary ruling — Directive 2003/6/EC — Insider dealing — Penalties — National legislation which provides for an administrative penalty and a criminal penalty for the same acts — Res judicata attached to a final criminal judgment relating to administrative proceedings — Final criminal judgment ordering acquittal in respect of insider dealing — Effectiveness of the penalties — Charter of Fundamental Rights of the European Union — Article 50 — Ne bis in idem principle — Criminal nature of the administrative sanction — Existence of the same offence — Article 52(1) — Limitations to the ne bis in idem principle — Conditions)
Date: 2018-03-20
Institutions: Court of Justice
Subjects: administrative procedure, administrative sanction, impunity, insider trading, penalty, ruling








C_2018166EN.01001502.xml










14.5.2018   


EN


Official Journal of the European Union


C 166/15





Judgment of the Court (Grand Chamber) of 20 March 2018 (request for a preliminary ruling from the Corte suprema di cassazione — Italy) — Enzo Di Puma v Commissione Nazionale per le Società e la Borsa (Consob) (C-596/16), Commissione Nazionale per le Società e la Borsa (Consob) v Antonio Zecca (C-597/16)
(Joined Cases C-596/16 and C-597/16) (1)

((References for a preliminary ruling - Directive 2003/6/EC - Insider dealing - Penalties - National legislation which provides for an administrative penalty and a criminal penalty for the same acts - Res judicata attached to a final criminal judgment relating to administrative proceedings - Final criminal judgment ordering acquittal in respect of insider dealing - Effectiveness of the penalties - Charter of Fundamental Rights of the European Union - Article 50 - Ne bis in idem principle - Criminal nature of the administrative sanction - Existence of the same offence - Article 52(1) - Limitations to the ne bis in idem principle - Conditions))
(2018/C 166/19)
Language of the case: Italian

Referring court

Corte suprema di cassazione

Parties to the main proceedings


Applicants: Enzo Di Puma (C-596/16), Commissione Nazionale per le Società e la Borsa (Consob) (C-597/16)

Defendants: Commissione Nazionale per le Società e la Borsa (Consob) (C-596/16), Antonio Zecca (C-597/16)

Operative part of the judgment

Article 14(1) of Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse), read in the light of Article 50 of the Charter of Fundamental Rights of the European Union, must be interpreted as not precluding national legislation in accordance with which proceedings for an administrative fine of a criminal nature may not be brought following a final criminal judgment of acquittal ruling that the acts capable of constituting a violation of the legislation relating to insider dealing, on the basis of which those proceedings had also been initiated, were not established.


(1)  OJ C 63, 27.2.2017.