Case-law of the Court of Justice of the European Union on Criminal Issues Within Market Abuse at European Level
- Authors: Libor K.1
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Affiliations:
- Matej Bel University
- Issue: Vol 16, No 6 (2020)
- Pages: 237-255
- Section: Articles
- URL: https://journals.eco-vector.com/2541-8025/article/view/532628
- DOI: https://doi.org/10.33693/2541-8025-2020-16-6-237-255
- ID: 532628
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Abstract
A set of legislative instruments regulating market abuse have been adopted by the European Union. As regards criminal law sanctions, the principal contemporary legislative instrument in this field, addressed to its Member States, is the Directive 2014/57/EU on criminal sanctions for market abuse. Legislation has been supplemented by the case-law of the Court of Justice of the European Union (formerly known as the Court of Justice of the European Communities). It is a key element for the development of legal practice in all Member States of the European Union. The assessment of case-law on criminal issues within market abuse is therefore needed. The paper analyses relevant cases. In each case at the outset a reference for a preliminary ruling is mentioned. Further, dispute in the main proceedings and the question(s) referred for a preliminary ruling are analysed. The most important parts of analyses are considerations by the Court of Justice and its rulings.
Keywords
market abuse at European level, criminal law sanctions, case-law, Court of Justice of the European Union, case C-537/16 - Garlsson Real Estate and Others, joined cases C-596/16 and C-597/16 - Enzo Di Puma & Antonio Zecca, case C-524/15 - Luca Menci, case C-617/10 - Hans Åkerberg Fransson, sase C-486/14 - Piotr Kossowski
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About the authors
Klimek Libor
Matej Bel University
Email: libor.klimek@umb.sk
ssociate Professor at the Department of Criminal Law, Criminology, Criminalistics and Forensic Disciplines and director of the Criminology and Criminalistics Research Centre at the Faculty of Law, Matej Bel University, Banská Bystrica in Slovak Republic. He is Visiting Professor at the Faculty of Law, Leipzig University in Germany. He is advisor of the Constitutional Court of the Slovak Republic Banská Bystrica, Slovak Republic
References
- Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse (market abuse directive). Official Journal of the European Union, L 173/179 of 12 June 2014.
- Article 1 of the Directive 2014/57/EU on criminal sanctions for market abuse.
- Treaty on the Functioning of the European Union as amended by the Treaty of Lisbon. Official Journal of the European Union, C 83/47 of 30 March 2010.
- Under Article 83(2) of the Treaty on the Functioning of the European Union if the approximation of criminal laws and regulations of the Member States of the European Union proves essential to ensure the effective implementation of a Union policy in an area which has been subject to harmonisation measures, directives may establish minimum rules with regard to the definition of criminal offences and sanctions in the area concerned.
- Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC as amended by the Regulation (EU) 2016/1033. Official Journal of the European Union, L 173/1, 12 June 2014. Analysis of relevant case-law of the Court of Justice of the European Union see: Klimek, Libor: Case-law of the Court of Justice of the European Union on Market Abuse at European Level. In Economic problems and legal practice (Проблемы экономики и юридической практики). 2020. Vol. 16. №5. P. 294-313. doi: 10.33693/2541-8025-2020-16-5-294-313.
- Request for a preliminary ruling from the Court of Cassation (Corte suprema di cassazione) (Italy) lodged on 24 October 2016 - Garlsson Real Estate SA, in liquidation, and Others versus National Companies and Stock Exchange Commission (Commissione Nazionale per le Società e la Borsa) (Italy) (Case C-537/16).
- See also: Opinion of Advocate General Campos Sánchez-Bordona delivered on 12 September 2017 - Case C-537/16 - Garlsson Real Estate SA, in liquidation, Stefano Ricucci, Magiste International SA versus National Companies and Stock Exchange Commission (Commissione Nazionale per le Società e la Borsa) (Consob).
- Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse). Official Journal of the European Union, L 96/16, 12 April 2003. This directive was replaced and repealed by the Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC as amended by the Regulation (EU) 2016/1033. Official Journal of the European Union, L 173/1, 12 June 2014.
- Request for a preliminary ruling from the Corte suprema di cassazione (Italy) lodged on 23 November 2016 - Enzo Di Puma versus Commissione Nazionale per le Società e la Borsa (Consob) (Case C-596/16); Request for a preliminary ruling from the Corte suprema di cassazione (Italy) lodged on 23 November 2016 - Commissione Nazionale per le Società e la Borsa (Consob) versus Antonio Zecca (Case C-597/16).
- See also: Opinion of Advocate General M. Campos Sánchez-Bordona delivered on 12 September 2017 - Joined cases C-596/16 and C-597/16 - Enzo Di Puma versus Commissione Nazionale per le Società e la Borsa (Consob) (C-596/16) and Commissione Nazionale per le Società e la Borsa (Consob) versus Antonio Zecca (C-597/16).
- Request for a preliminary ruling from the District Court in Bergamo (Tribunale di Bergamo) (Italy) lodged on 1 October 2015 - Criminal proceedings against Luca Menci (Case C-524/15).
- See also: Opinion of Advocate General Campos Sánchez-Bordona delivered on 12 September 2017 - Case C-524/15 - Luca Menci versus Procura della Repubblica.
- Reference for a preliminary ruling from the Haparanda District Court (Haparanda tingsrätt) (Sweden) lodged on 27 December 2010 - Public Prosecutor’s Office (Åklagaren) (Sweden) versus Hans Åkerberg Fransson (Case C-617/10).
- See also: Opinion of Advocate General Cruz Villalón delivered on 12 June 2012 - Case C-617/10 - Public Prosecutor’s Office (Åklagaren) (Sweden) versus Hans Åkerberg Fransson.
- Request for a preliminary ruling from the Hanseatisches Oberlandesgericht Hamburg (Germany) lodged on 4 November 2014 - Criminal proceedings against Piotr Kossowski (Case C-486/14).
- See also: Opinion of Advocate General Bot delivered on 15 December 2015 - Case C-486/14 - Criminal proceedings against Piotr Kossowski.
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