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In July this year, the Court of First Instance of the Court of Justice of the European Union (the "ECJ") considered the interpretation of the market manipulation offence in the Market Abuse Directive (20036EC) ("MAD") in IMC Securities BV v Stichting Autoriteit Financiële Markten
The European Court of Justice has today given judgment in the case of Markus Geltl v Daimler AG C-1911, holding that information about intermediate steps taken in the context of a protracted process leading towards a future event or circumstance can be precise, and therefore “inside information”; and a “reasonable expectation” that an event will occur means that there is a realistic prospect, not a high probability, that it will occur
In its judgment in the case of Markus Geltl v Daimler AG C-1911 yesterday, the European Court of Justice provided clarification on the requirement that information must be "of a precise nature" to be "inside information"
