The European Court of Justice (ECJ) has published its judgment in the case of Spector Photo Group and Van Raemdonck v Commissie voor het Bank-, Financie- en Assurantiewezen (CBFA). The case follows a request from the Court of Appeal of Brussels to the ECJ to provide an interpretation of Directive 2003/6/EC on insider dealing and market manipulation. The judgment, dated 23 December 2009, but published on 5 January 2010, highlighted that the ECJ agrees with the advocate general's opinion that a person in possession of inside information, who knows or ought to know that the information is considered to be inside information, and who acquires or disposes of financial instruments to which the information relates, will commit insider dealing within the meaning of the Directive.
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Spector Photo Group and Van Raemdonck v Commissie voor het Bank-, Financie- en Assurantiewezen (CBFA)
- Herbert Smith Freehills LLP
- Peter Burrell, Graham More, Stephen Flaherty, Nichola Peters, Susannah Cogman and Daniel Hudson
- European Union
- February 16 2010
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