Spector Photo Group NV, Chris van Raemdonck v. Commissie Voor Het Bank-, Financie-en-Assurantiewezen (CBFA)

Case C-45/08, 23 December 2009 (2009)

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Spector Photo Group NV, Chris van Raemdonck v. Commissie Voor Het Bank-, Financie-en-Assurantiewezen (CBFA)

European Union Court of Justice
Case C-45/08, 23 December 2009 (2009)

Facts

Shortly before a planned takeover of a competitor, Spector Photo Group NV (Spector) (defendant), a public-traded Belgian company, repurchased shares of its stock purportedly in connection with having shares available for Spector’s employee stock-option plan. When news of the acquisition of the rival became public, the stock Spector had repurchased significantly increased in value. The Belgian financial regulator (the regulator) (plaintiff) investigated the transaction and asserted that the repurchase of the stock was based on inside information and, therefore, illegal, leading the regulator to impose fines on Spector. Spector appealed to a higher court. The Belgian appellate court referred various questions to the European Union Court of Justice, including clarification of the requisite knowledge and intent for insider trading under the European Union’s Market Abuse Directive (the directive).

Rule of Law

Issue

Holding and Reasoning (Per curiam)

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