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Document 62009CA0445

Case C-445/09: Judgment of the Court (Second Chamber) of 7 July 2011 (reference for a preliminary ruling from the College van Beroep voor het Bedrijfsleven — Netherlands) — IMC Securities BV v Stichting Autoriteit Financiële Markten (Directive 2003/6/EC — Market manipulation — Securing prices at an abnormal or artificial level)

OJ C 269, 10.9.2011, p. 6–6 (BG, ES, CS, DA, DE, ET, EL, EN, FR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)

10.9.2011   

EN

Official Journal of the European Union

C 269/6


Judgment of the Court (Second Chamber) of 7 July 2011 (reference for a preliminary ruling from the College van Beroep voor het Bedrijfsleven — Netherlands) — IMC Securities BV v Stichting Autoriteit Financiële Markten

(Case C-445/09) (1)

(Directive 2003/6/EC - Market manipulation - Securing prices at an abnormal or artificial level)

2011/C 269/08

Language of the case: Dutch

Referring court

College van Beroep voor het Bedrijfsleven

Parties to the main proceedings

Appellant: IMC Securities BV

Respondent: Stichting Autoriteit Financiële Markten

Re:

Reference for a preliminary ruling — College van Beroep voor het Bedrijfsleven — Interpretation of Article 1(2)(a), second indent, 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) (OJ 2003 L 96, p. 16) — Securing prices at an abnormal or artificial level — Meaning — Transactions and orders bringing about a brief fluctuation of prices

Operative part of the judgment

Article 1(2)(a), second indent, 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) must be interpreted as not requiring, in order for the price of one or more financial instruments to be considered to have been fixed at an abnormal or artificial level, that that price must maintain an abnormal or artificial level for more than a certain duration.


(1)  OJ C 24, 30.01.2010.


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