CELEX: 62013CA0628
Language: en
Date: 2015-03-11 00:00:00
Title: Case C-628/13: Judgment of the Court (Second Chamber) of 11 March 2015 (request for a preliminary ruling from the Cour de cassation — France) — Jean-Bernard Lafonta v Autorité des marchés financiers (Reference for a preliminary ruling — Approximation of laws — Directive 2003/6/EC — Article 1, point (1) — Directive 2003/124/EC — Article 1(1) — Inside information — Concept of ‘information of a precise nature’ — Potential effect in a particular direction on the prices of financial instruments)

4.5.2015   
            
            
               EN
            
            
               Official Journal of the European Union
            
            
               C 146/5
            
         Judgment of the Court (Second Chamber) of 11 March 2015 (request for a preliminary ruling from the Cour de cassation — France) — Jean-Bernard Lafonta v Autorité des marchés financiers
   (Case C-628/13) (1)
   
   ((Reference for a preliminary ruling - Approximation of laws - Directive 2003/6/EC - Article 1, point (1) - Directive 2003/124/EC - Article 1(1) - Inside information - Concept of ‘information of a precise nature’ - Potential effect in a particular direction on the prices of financial instruments))
   (2015/C 146/06)
   Language of the case: French
   
      Referring court
   
   Cour de cassation
   
      Parties to the main proceedings
   
   
      Appellant: Jean-Bernard Lafonta
   
      Respondent: Autorité des marchés financiers
   
      Operative part of the judgment
   
   On a proper construction of point (1) of Article 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) and Article 1(1) of Commission Directive 2003/124/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the definition and public disclosure of inside information and the definition of market manipulation, in order for information to be regarded as being of a precise nature for the purposes of those provisions, it need not be possible to infer from that information, with a sufficient degree of probability, that, once it is made public, its potential effect on the prices of the financial instruments concerned will be in a particular direction.
   
      (1)  OJ C 39, 8.2.2014.