Reports of Cases

2009 I-12073

Subject-matter

Interpretation of Articles 2 and 14 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) and of Article 1 of Commission Directive 2003/124/EC of 22 December 2003 implementing Directive 2003/6/EC (OJ 2003 L 339, p. 70) – Use of inside information – Maximum harmonisation leaving Member States with no discretion as regards the definition of insider dealing – Sanctions which may be imposed – Conditions

Systematic classification scheme

Citations of case-law or legislation

References in grounds of judgment

• EC Treaty (Amsterdam), Article 234 : paragraph 25
• Directive 89/592 : paragraph 4
• Directive 89/592 -A02P1 : paragraphs 3, 33, 34
• Directive 2003/6 : paragraphs 7, 27, 28, 33, 49, 69, 76
• Directive 2003/6 -A01 : paragraph 50
• Directive 2003/6 -A01P1 : paragraph 68
• Directive 2003/6 -A02 : paragraphs 1, 4, 23
• Directive 2003/6 -A02P1 : paragraphs 4, 23, 30 - 32, 35 - 38, 44 - 46, 48, 54 - 56, 60 - 63
• Directive 2003/6 -A02P1L1 : paragraph 23
• Directive 2003/6 -A02P1LA : paragraph 36
• Directive 2003/6 -A02P1LB : paragraph 36
• Directive 2003/6 -A02P1LC : paragraph 36
• Directive 2003/6 -A04 : paragraph 57
• Directive 2003/6 -A08 : paragraph 5
• Directive 2003/6 -A14 : paragraphs 1, 23, 77
• Directive 2003/6 -A14P1 : paragraphs 6, 42, 70, 71, 73 - 75
• Directive 2003/6 -C2 : paragraph 47
• Directive 2003/6 -C12 : paragraph 47
• Directive 2003/6 -C18 : paragraph 57
• Directive 2003/6 -C29 : paragraph 59
• Directive 2003/6 -C30 : paragraph 60
• Directive 2003/6 -C38 : paragraph 72
• Directive 2003/124 : paragraphs 7, 51
• Directive 2003/124 -A01P1 : paragraphs 51, 68
• Directive 2003/124 -A01P2 : paragraph 51
• Regulation 2273/2003 : paragraph 5
• Court of Justice - Judgment C -199/92 : paragraph 42
• Court of Justice - Judgment C -384/02 : paragraph 47
• Court of Justice - Judgment C -391/04 : paragraph 48
• Court of Justice - Judgment C -119/05 : paragraph 25
• Court of Justice - Judgment C -222/05 : paragraph 26
• Court of Justice - Judgment C -402/05 : paragraphs 40, 41
• Court of Justice - Judgment C -414/07 : paragraph 25

Operative part

• Interprets : Directive 2003/6 -A02P1
• Interprets : Directive 2003/6 -A14P1

Opinion

• Directive 89/592 -A02P1 : points 3, 56
  
• Directive 89/592 -A06 : point 79
  
• Charter of Fundamental Rights of the EU (2000) : point 36
  
• Directive 2003/6 : points 1, 25, 27, 55, 75, 80 - 83, 89
  
• Directive 2003/6 -A01P1 : points 95, 96
  
• Directive 2003/6 -A02 : points 14, 71
  
• Directive 2003/6 -A02P1 : points 14, 43 - 45, 52, 58, 61, 63, 65, 69, 78, 84, 86, 88, 91, 92, 108
  
• Directive 2003/6 -A02P1L1 : point 2
  
• Directive 2003/6 -A02P3 : points 51, 86
  
• Directive 2003/6 -A08 : points 104, 105, 107
  
• Directive 2003/6 -A14 : points 14, 77, 94, 100
  
• Directive 2003/6 -A17P2 : point 105
  
• Directive 2003/6 -C11 : point 84
  
• Directive 2003/6 -C12 : point 54
  
• Directive 2003/6 -C15 : point 54
  
• Directive 2003/6 -C18 : points 52, 63 - 65, 86
  
• Directive 2003/6 -C38 : point 99
  
• Regulation 2273/2003 : points 105, 107
  
• Court of Justice - Judgment C -19/67 : point 50
  
• Court of Justice - Judgment C -29/69 : point 50
  
• Court of Justice - Judgment C -30/77 : point 50
  
• Court of Justice - Judgment C -244/80 : point 17
  
• Court of Justice - Judgment C -55/87 : point 50
  
• Court of Justice - Judgment C -297/88 : point 29
  
• Court of Justice - Judgment C -28/99 : point 79
  
• Court of Justice - Judgment C -268/99 : point 50
  
• Court of Justice - Judgment C -52/00 : point 76
  
• Court of Justice - Judgment C -397/01 : point 40
  
• Court of Justice - Judgment C -387/02 : points 36, 38
  
• Court of Justice - Judgment C -457/02 : point 36
  
• Court of Justice - Judgment C -188/03 : point 50
  
• Court of Justice - Judgment C -540/03 : point 36
  
• Court of Justice - Judgment C -94/04 : point 17
  
• Court of Justice - Judgment C -212/04 : points 27, 40
  
• Court of Justice - Judgment C -295/04 : point 17
  
• Court of Justice - Opinion C -391/04 : point 57
  
• Court of Justice - Judgment C -238/05 : point 16
  
• Court of Justice - Judgment C -426/05 : point 50
  
• Court of Justice - Opinion C -432/05 : point 36
  
• Court of Justice - Judgment C -56/06 : point 50
  
• Court of Justice - Judgment C -280/06 : point 30
  
• Court of Justice - Judgment C -48/07 : point 16
  

Dates

Date of the lodging of the application initiating proceedings

• 08/02/2008

Date of the Opinion

• 10/09/2009

Date of the hearing

Information not available

Date of delivery

23/12/2009

References

Publication in the Official Journal

Application: OJ C 107 from 26.04.2008, p.14

Judgment: OJ C 51 from 27.02.2010, p.6

Name of the parties

Spector Photo Group and Van Raemdonck

Notes on Academic Writings

1. Voß, Thorsten: EuGH: Auslegung der Richtlinie über Insider-Geschäfte -"Insiderrecht: Entwarnung für die Transaktionspraxis durch den EuGH", Betriebs-Berater 2010 p.334 (DE)
2. Forst, Gerrit: Entscheidungen zum Wirtschaftsrecht 2010 p.129-130 (DE)
3. Widder, Stefan: Masterpläne, Aktienrückkaufprogramme und das Spector-Urteil des EuGH bei M&A-Transaktionen, Betriebs-Berater 2010 p.515-518 (DE)
4. Idot, Laurence: Opérations d'initiés, Europe 2010 Février Comm. nº 75 p.24-25 (FR)
5. Schulz, Stephan: Das Insiderhandelsverbot nach § 14 Abs. 1 Nr. 1 WpHG im Lichte der Spector-Rechtsprechung des EuGH, Zeitschrift für Wirtschaftsrecht 2010 p.609-613 (DE)
6. Senn, Myriam: Zur Auslegung der Richtlinie über Insider-Geschäfte durch den EuGH, European Law Reporter 2010 p.94-97 (DE)
7. Klöhn, Lars: Insiderhandel vor deutschen Strafgerichten - Implikationen des freenet-Beschlusses des BGH, Der Betrieb 2010 p.769-775 (DE)
8. Flick, Martin ; Lorenz, Manuel: Kenntnis von Insiderinformationen impliziert ihre Verwendung bei Wertpapiergeschäften, Recht der internationalen Wirtschaft 2010 p.381-385 (DE)
9. Justice Arden: Spector Photo Group and its wider implications, European Company and Financial Law Review 2010 Vol.7 nº 2 p.342-346 (EN)
10. Klöhn, Lars: The European Insider Trading Regulation after Spector Photo Group, European Company and Financial Law Review 2010 Vol.7 nº 2 p.347-366 (EN)
11. Conac, Pierre-Henri: La Cour de justice facilite la répression des opérations d'initiés en établissant une présomption réfragable d'utilisation indue de l'information privilégiée, Revue des sociétés 2010 p.328-331 (FR)
12. Knuts, Mårten: Oikeustapauskommentaari ratkaisusta Spector Photo Group NV ym. - EUT asia C-45/08 (Spector-tapaus), Lakimies 2010 p.874-882 (FI)
13. Lau Hansen, Jesper: Insider Dealing Defined: The EU Court's Decision in Spector Photo Group, European Company Law 2010 Vol.7 p.98-105 (EN)
14. De Tocqueville, Jean-Guillaume ; Rogey, Emilie: Une définition communautaire de la notion d'utilisation d'une information privilégiée, Recueil Le Dalloz 2010 nº 35 p.2313-2319 (FR)
15. Nietsch, Michael: Die Verwendung von Insiderinformation, Zeitschrift für das gesamte Handelsrecht und Wirtschaftsrecht 2010 p.556-592 (DE)
16. Conac, Pierre-Henri: Arrêt "Spector": la Cour de justice facilite la répression des opérations d'initiés en établissant une présomption réfragable d'utilisation indue de l'information privilégiée, Journal de droit européen 2010 nº 171 p.216-218 (FR)
17. Lambrecht, Philippe ; Duplat, Mathieu: L'«utilisation» de l'information privilégiée dans une opération d'initié : une présomption réfragable, Revue pratique des sociétés 2010 p.64-83 (FR)
18. Böse, Martin: Case C-45/08, Spector Photo Group NV, Chris Van Raemdonck v. Commissie voor het Bank-, Financie- en Assurantiewezen (CBFA), Judgment of the Court of Justice (Third Chamber) of 23 December 2009, nyr, Common Market Law Review 2011 Vol. 48 Nº 1 p.189-201 (EN)
19. Bussian, Wolf: Die Verwendung von Insiderinformationen, Wertpapier-Mitteilungen 2011 p.8-13 (DE)
20. Tripodi, Andrea Francesco: L'insider trading in una recente pronuncia della Corte di giustizia : "utilizzazione (implicita) della notizia" e presunzione dell'offesa, Giurisprudenza commerciale 2011 II p.55-77 (IT)
21. Blachnio-Parzych, Anna: The Use of Inside Information, Eucrim : The European Criminal Law Associations' Forum 2013 Issue 4 p.136-140 (EN)
22. van der Vegt, A.W.: Ars aequi 2015 p.233-237 (NL)
23. Busch, D.: Ars Aequi Jurisprudentie Financieel Recht 2015 p.233-238 (NL)

Procedural Analysis Information

Source of the question referred for a preliminary ruling

Hof van beroep te Brussel - Belgium

Subject-matter

• Approximation of laws
  

Provisions of national law referred to

Loi du 02/08/2002, art. 25, par.1, et art. 36, par. 2

Provisions of international law referred to

Information not available

Procedure and result

• Reference for a preliminary ruling
  

Formation of the Court

troisième chambre (Cour)

Judge-Rapporteur

Lindh

Advocate General

Kokott

Language(s) of the Case

• Dutch
  

Language(s) of the Opinion

• German