On 11 March, the Court of Justice of the EU gave a preliminary ruling on the meaning of information of a "precise nature" in the context of two Directives, namely Directive 2003/6/EC on insider dealing and market manipulation, and Directive 2003/124/EC on the definition and public disclosure of inside information and the definition of market manipulation. The case considered the following point: "Must Article 1(1) of MAD and Article 1(1) of MAD Implementing Directive 2003/124/EC be interpreted as meaning that only information in respect of which it may be determined, 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 may constitute inside information?"  In effect the preliminary ruling found that MAD requires information to be made public even if the information holder does not know precisely how it will influence the price of financial instrumentsThe market abuse regime applies to listed funds.Read more.