Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) Basic information Dates Date of document: Date of publication: Date of effect: April 12, 2003 Entry into force - Date pub. See Art 21 Date of transposition: Date of end of validity: Modified by Modified by: Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 98/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/EC in respect of the powers of the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority) Text with EEA relevance
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detail All documents based on this document: Repealed by: Modifies Modifies: Repeal: Affected by case Judgment of the Court (Second Chamber) of 11 March 2015. Jean-Bernard Lafonta v Autorité des marchés financiers. Request for a preliminary ruling from the Cour de cassation. 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 (Grand Chamber) of 2 February 2021. DB v Commissione Nazionale per le Società e la Borsa (Consob). Request for a preliminary ruling from the Corte costituzionale. Reference for a preliminary ruling – Approximation of laws – Directive 2003/6/EC – Article 14(3) – Regulation (EU) No 596/2014 – Article 30(1)(b) – Market abuse – Administrative sanctions of a criminal nature – Failure to cooperate with the competent authorities – Articles 47 and 48 of the Charter of Fundamental Rights of the European Union – Right to remain silent and to avoid self-incrimination. Case C-481/19. Judgment of the Court (Third Chamber) of 23 December 2009. Spector Photo Group NV and Chris Van Raemdonck v Commissie voor het Bank-, Financie- en Assurantiewezen (CBFA). Reference for a preliminary ruling: Hof van Beroep te Brussel - Belgium. Directive 2003/6 - Insider dealing - Use of inside information - Sanctions - Conditions. Case C-45/08. Order of the Court (Ninth Chamber) of 16 May 2019. TE and Others v Luminor Bank AB. Request for a preliminary ruling from the Vilniaus apygardos teismas. Reference for a preliminary ruling — Article 53(2) and Article 99 of the Rules of Procedure of the Court of Justice — Freedom to provide services — Markets in financial instruments — Natural person who has acquired a derivative financial instrument from a bank — Classification of that person within the meaning of EU law. Case C-8/18. Judgment of the Court (Second Chamber) of 7 July 2011. IMC Securities BV v Stichting Autoriteit Financiële Markten. Reference for a preliminary ruling: College van Beroep voor het bedrijfsleven - Netherlands. Directive 2003/6/EC - Market manipulation - Securing prices at an abnormal or artificial level. Case C-445/09. Judgment of the Court (Grand Chamber) of 15 March 2022. M. A v Autorité des marchés financiers. Request for a preliminary ruling from the Cour d'appel de Paris. Reference for a preliminary ruling – Single Market for financial services – Market abuse – Directives 2003/6/EC and 2003/124/EC – ‘Inside information’ – Concept – Information ‘of a precise nature’ – Information relating to the forthcoming publication of a press article reporting a market rumour about an issuer of financial instruments – Unlawfulness of the disclosure of inside information – Exceptions – Regulation (EU) No 596/2014 – Article 10 – Disclosure of inside information in the normal exercise of a profession – Article 21 – Disclosure of inside information for the purpose of journalism – Freedom of the press and freedom of expression – Disclosure by a journalist, to a usual source, of information relating to the forthcoming publication of a press article. Case C-302/20. Judgment of the Court (Grand Chamber) of 20 March 2018. Enzo Di Puma v Commissione Nazionale per le Società e la Borsa (Consob) and Commissione Nazionale per le Società e la Borsa (Consob) v Antonio Zecca. Requests for a preliminary ruling from the Corte suprema di cassazione. References for a preliminary ruling — Directive 2003/6/EC — Insider dealing — Penalties — National legislation which provides for an administrative penalty and a criminal penalty for the same acts — Res judicata attached to a final criminal judgment relating to administrative proceedings — Final criminal judgment ordering acquittal in respect of insider dealing — Effectiveness of the penalties — Charter of Fundamental Rights of the European Union — Article 50 — Ne bis in idem principle — Criminal nature of the administrative sanction — Existence of the same offence — Article 52(1) — Limitations to the ne bis in idem principle — Conditions. Joined Cases C-596/16 and C-597/16. Judgment of the Court (Second Chamber), 28 June 2012. Markus Geltl v Daimler AG. Reference for a preliminary ruling from the Bundesgerichtshof. Directives 2003/6/EC and 2003/124/EC — Inside information — Notion of ‘precise information’ — Intermediate steps in a protracted process — Reference to circumstances or an event which may reasonably be expected to come into existence or occur — Interpretation of the wording ‘may reasonably be expected’ — Public disclosure of information relating to change of a manager of a company. Case C-19/11. Case C-45/08: Judgment of the Court (Third Chamber) of 23 December 2009 (reference for a preliminary ruling from the Hof van beroep te Brussel (Belgium)) — Spector Photo Group NV, Chris Van Raemdonck v Commissie voor het Bank-, Financie- en Assurantiewezen (CBFA) (Directive 2003/6 — Insider dealing — Use of inside information — Sanctions — Conditions) {AR|http://publications.europa.eu/resource/authority/fd_370/AR} 2.1 {AR|http://publications.europa.eu/resource/authority/fd_370/AR} 14.1 Case C-8/18: Request for a preliminary ruling from the Vilniaus apygardos teismas (Lithuania) lodged on 3 January 2018 — TE, UD, YB, ZC v Luminor Bank AB Case C-302/20: Request for a preliminary ruling from the Cour d’appel de Paris (France) lodged on 9 July 2020 — A. — Other party: Autorité des marchés financiers paragraph 1 point 1 unnumbered paragraph 1 Case C-397/20: Request for a preliminary ruling from the Cour de cassation (France) lodged on 20 August 2020 — SR article 12 paragraph 2 point (a) article 11 article 12 paragraph 2 point (d) Case C-339/20: Request for a preliminary ruling from the Cour de cassation (France) lodged on 24 July 2020 — VD article 12 paragraph 2 point (a) article 11 article 12 paragraph 2 point (d) Case C-481/19: Request for a preliminary ruling from the Corte costituzionale (Italy) lodged on 21 June 2019 — DB v Commissione Nazionale per le Società e la Borsa (Consob) Legal basis Treaty establishing the European Community (Amsterdam consolidated version) Part Five: Institutions of the Community Title I: Provisions governing the institutions Chapter 2: Provisions common to several institutions Article 251 Article 189b - EC Treaty (Maastricht consolidated version) Treaty establishing the European Community (Amsterdam consolidated version) Part Three: Community policies Title VI: Common rules on competition, taxation and approximation of laws Chapter 3: Approximation of laws Article 95 Article 100a - EC Treaty (Maastricht consolidated version) EuroVoc Vocabulary Approximation of laws Securities Dissemination of information Internal market - Principles Approximation of laws Freedom of establishment Insider trading Financial legislation Stock exchanges and other securities markets