This document is an excerpt from the EUR-Lex website
Document 62013CA0628
Case C-628/13: Judgment of the Court (Second Chamber) of 11 March 2015 (request for a preliminary ruling from the Cour de cassation — France) — Jean-Bernard Lafonta v Autorité des marchés financiers (Reference for a preliminary ruling — Approximation of laws — Directive 2003/6/EC — Article 1, point (1) — Directive 2003/124/EC — Article 1(1) — Inside information — Concept of ‘information of a precise nature’ — Potential effect in a particular direction on the prices of financial instruments)
Case C-628/13: Judgment of the Court (Second Chamber) of 11 March 2015 (request for a preliminary ruling from the Cour de cassation — France) — Jean-Bernard Lafonta v Autorité des marchés financiers (Reference for a preliminary ruling — Approximation of laws — Directive 2003/6/EC — Article 1, point (1) — Directive 2003/124/EC — Article 1(1) — Inside information — Concept of ‘information of a precise nature’ — Potential effect in a particular direction on the prices of financial instruments)
Case C-628/13: Judgment of the Court (Second Chamber) of 11 March 2015 (request for a preliminary ruling from the Cour de cassation — France) — Jean-Bernard Lafonta v Autorité des marchés financiers (Reference for a preliminary ruling — Approximation of laws — Directive 2003/6/EC — Article 1, point (1) — Directive 2003/124/EC — Article 1(1) — Inside information — Concept of ‘information of a precise nature’ — Potential effect in a particular direction on the prices of financial instruments)
OJ C 146, 4.5.2015, p. 5–5
(BG, ES, CS, DA, DE, ET, EL, EN, FR, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
|
4.5.2015 |
EN |
Official Journal of the European Union |
C 146/5 |
Judgment of the Court (Second Chamber) of 11 March 2015 (request for a preliminary ruling from the Cour de cassation — France) — Jean-Bernard Lafonta v Autorité des marchés financiers
(Case C-628/13) (1)
((Reference for a preliminary ruling - Approximation of laws - Directive 2003/6/EC - Article 1, point (1) - Directive 2003/124/EC - Article 1(1) - Inside information - Concept of ‘information of a precise nature’ - Potential effect in a particular direction on the prices of financial instruments))
(2015/C 146/06)
Language of the case: French
Referring court
Cour de cassation
Parties to the main proceedings
Appellant: Jean-Bernard Lafonta
Respondent: Autorité des marchés financiers
Operative part of the judgment
On a proper construction of point (1) of Article 1 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) and Article 1(1) of Commission Directive 2003/124/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the definition and public disclosure of inside information and the definition of market manipulation, in order for information to be regarded as being of a precise nature for the purposes of those provisions, it need not be possible to infer from that information, 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.