We use cookies to customise content for your subscription and for analytics.
If you continue to browse Lexology, we will assume that you are happy to receive all our cookies. For further information please read our Cookie Policy.
Lexology logo
  Request new password

Search results

Order by most recent / most popular / relevance

Results: 1-10 of 12

Inside information: the disclosure of intermediate steps

  • Field Fisher Waterhouse
  • -
  • European Union
  • -
  • September 28 2012

The European Court of Justice ("ECJ") has provided useful clarification in a recent case, Geltl v Daimler AG (C-1911), as to whether information regarding the intermediate steps leading to a future uncertain event may potentially amount to inside information which is required to be disclosed immediately to the market

Market abuse: ECJ holds in Daimler case that steps preceding a decision may constitute inside information

  • Herbert Smith Freehills LLP
  • -
  • European Union
  • -
  • June 29 2012

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"

Market abuse ECJ holds in Daimler case that steps preceding a decision may constitute inside information

  • Herbert Smith Freehills LLP
  • -
  • European Union
  • -
  • June 28 2012

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

General counsel update: 31 May 2012

  • Herbert Smith Freehills LLP
  • -
  • Argentina, China, European Union, Hong Kong, Singapore, Spain, United Kingdom
  • -
  • May 31 2012

This is the twenty-ninth in our series of General Counsel Updates which aim to summarise major developments in key areas

The ECJ confirms that short term manipulation is prohibited

  • Herbert Smith Freehills LLP
  • -
  • European Union
  • -
  • November 17 2011

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

European Court of Justice ruling in IMC Securities v AFM

  • De Brauw Blackstone Westbroek
  • -
  • European Union, Netherlands
  • -
  • October 14 2011

On 7 July 2011, the European Court of Justice ruled on the interpretation of the market manipulation prohibition in the Market Abuse Directive (20036EC), as implemented in the Netherlands in Section 5:58 paragraph 1 sub b FMSA

Inside information disclosure in the European Union to become stricter?

  • De Brauw Blackstone Westbroek
  • -
  • European Union
  • -
  • April 25 2011

The German Bundesgerichtshof has referred questions to the European Court of Justice on the timing of inside information disclosure

Preliminary questions on inside information disclosure

  • De Brauw Blackstone Westbroek
  • -
  • European Union, Germany
  • -
  • April 8 2011

The German Bundesgerichtshof has recently referred questions to the European Court of Justice ("ECJ") on the question when (premature) information regarding an uncertain event amounts to inside information that must be disclosed to the market

The ECJ rules that "use" of inside information may be presumed when a person in possession of such information deals

  • Herbert Smith Freehills LLP
  • -
  • Belgium, European Union
  • -
  • March 18 2010

The European Court of Justice's judgment in the case of Spector Photo Group and Van Raemdonck v Commissie voor het Bank-, Financie- en Assurantiewezen (CBFA) (Case C- 4508) reached a number of conclusions about the Market Abuse Directive ("the Directive") and its interpretation which may impact on the way in which European regulators approach enforcement action

Spector Photo Group and Van Raemdonck v Commissie voor het Bank-, Financie- en Assurantiewezen (CBFA)

  • Herbert Smith Freehills LLP
  • -
  • European Union
  • -
  • February 16 2010

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