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European Company and Financial Law Review

Ed. by Bergmann, Alfred / Drescher, Ingo / Fleischer, Holger / Goette, Wulf / Harbarth, Stephan / Hommelhoff, Peter / Krieger, Gerd / Merkt, Hanno / Teichmann, Christoph / Vetter, Jochen / Weller, Marc-Philippe / Wicke, Hartmut

CiteScore 2018: 0.22

SCImago Journal Rank (SJR) 2018: 0.262
Source Normalized Impact per Paper (SNIP) 2018: 0.159

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Volume 7, Issue 2


The European Insider Trading Regulation after Spector Photo Group

Lars Klöhn
  • *Dr. iur., LL.M. (Harvard), Professor of Civil Law, Business Law, Comparative Law and Law & Economics, Philipps University Marburg; e-mail: .
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Published Online: 2010-07-22 | DOI: https://doi.org/10.1515/ecfr.2010.347

Securities laws around the world agree that purchasing or selling financial instruments in possession of non-public, price-relevant information does not by itself constitute insider dealing. However, requiring more than the knowing possession of such information while trading – e.g. requiring some kind of fraudulent intent – might impede the effectiveness of any insider trading prohibition. Therefore, securities laws worldwide have to answer the question what exactly constitutes the mens rea requirement of insider trading. In a recent preliminary ruling, the European Court of Justice (“ECJ”, the “Court”, now: Court of Justice of the European Union) answered this question for the EU insider trading prohibition in Art. 2(1) of Directive 2003/6/EC (“Market Abuse Directive”, “MAD”). After discussing the factual background and reasoning of the decision [I)], this article provides an assessment from a comparative and methodological perspective, arguing that the Court should have exercised more judicial self-restraint [II)1) and II)2)]. It concludes with a summary of the most important dogmatic questions raised by Spector [II)3)].

About the article

Published Online: 2010-07-22

Published in Print: 2010-07-01

Citation Information: European Company and Financial Law Review, Volume 7, Issue 2, Pages 347–366, ISSN (Online) 1613-2556, ISSN (Print) 1613-2548, DOI: https://doi.org/10.1515/ecfr.2010.347.

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