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The ECJ Decision in Spector Photo Group and the Presumption of Use of Inside Information: A Blessing for the Administrative Enforcement of Market Abuse in the EU?


Michel Tison


Universiteit Gent - Financial Law Institute

Elke Vandendriessche


Ghent University - Financial Law Institute

December 1, 2010

Financial Law Institute Working Paper No. 2010-17

Abstract:     
In its Spector judgment, the Court of Justice of the EU held that a primary insider is presumed to have used inside information as soon as he has effected a securities transaction while in possession of inside information. This presumption can however be rebutted under circumstances where, in view of the purposes of the Market Abuse Directive, the transaction does not constitute an unfair use of inside information.

In this contribution, we analyse the implications of the Spector judgment for the enforcement of the insider dealing prohibition. Furthermore, we highlight the difficulties raised by the practical application of the conditions under which the ECJ allows to rebut the presumption of use of inside information. We illustrate this with reference to the operation of stock option plans in listed companies.

Note: Downloadable document is in Dutch.

Number of Pages in PDF File: 38

Keywords: market abuse, insider dealing, inside information, stock option

JEL Classification: K22, K42

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Date posted: December 12, 2010  

Suggested Citation

Tison, Michel and Vandendriessche, Elke, The ECJ Decision in Spector Photo Group and the Presumption of Use of Inside Information: A Blessing for the Administrative Enforcement of Market Abuse in the EU? (December 1, 2010). Financial Law Institute Working Paper No. 2010-17. Available at SSRN: http://ssrn.com/abstract=1722537 or http://dx.doi.org/10.2139/ssrn.1722537

Contact Information

Michel Tison (Contact Author)
Universiteit Gent - Financial Law Institute ( email )
Universiteitstraat 4
Gent, B-9000
Belgium
32 9 264 68 27 (Phone)
32 9 264 68 55 (Fax)
HOME PAGE: http://www.law.UGent.be/fli
Elke Vandendriessche
Ghent University - Financial Law Institute ( email )
Universiteitstraat 4
Ghent, B-9000
Belgium
32 9 264 68 27 (Phone)
32 9 264 68 55 (Fax)
HOME PAGE: http://www.law.ugent.be/fli
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