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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INSIDER TRADING IN THE DUTCH CARIBBEAN
A criminal offense
The Netherlands Antilles Ordinance on the Supervision of Stock Exchanges 1998 (‘Landsverordening toezicht effectenbeurzen 1988’) contains a prohibition on insider trading.
Any person who is in possession of inside information is prohibited from carrying out a transaction or being instrumental in a transaction in securities in a company listed on a Netherlands Antilles stock exchange or on any other foreign recognized stock exchange, or in any securities whose value is determined by such securities.
In general it is prohibited for anyone, including an issuer, once it is reasonable to assume that securities will be listed, to enter …
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