EUROPEAN COURT OF JUSTICE ON INSIDER DEALING
Market Abuse Directive defines insider dealing objectively
The European Court of Justice, in its decision dated 23 December 2009 (Case C‑45/08; Spector Photo Group NV and Chris Van Raemdonck versus Commissie voor het Bank-, Financie- en Assurantiewezen (CBFA)), has clarified the elements of insider dealing following a request from the Court of Appeal of Brussels.
The European Court of Justice was to interpret the expression ‘use of inside information’ in Article 2(1) of EU Directive 2003/6 (the Market Abuse Directive or MAD). That provision provides that the Member States are to prohibit any person referred to in …
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DUTCH GOVERNMENT INJECTS $13 BILLION IN ING GROUP
Restoring confidence is key
Recently, the Dutch government acquired all shares in the capital of the Dutch subsidiary of Fortis, i.e. Fortis Bank Nederland, including ABN AMRO Bank.
Furthermore, the Dutch government has set aside $27.5 billion of capital to protect the financial institutions of the Netherlands. Although there are many banks that have enough capital to get them through this period of market turmoil (a ‘credit tsunami’, according to Alan Greenspan), many of these financial institutions are not in a position to lend money at the levels that are necessary to support the Netherlands …
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