The comment addresses the main issues raised by Article 10. Both insider trading and the unlawful disclosure of inside information are prohibited by Article 14, even if the discipline of the two types of misconduct unveils significant differences. While the prohibition of insider trading is absolute, the transmission to third parties of inside information is sometimes necessary and, thus, legitimate without impairing the effectiveness of the equal access of information prin¬ciple. In order to understand Article 10, cases of legitimate and illegitimate transmission of inside information from primary or secondary insiders must be carefully distinguished. Within the overall pic¬ture of a strongly market- oriented discipline, unlawful disclosure of inside information not only reduces insider trading opportunities, but aims to impose a duty of confidentiality for all persons possessing inside information.
Article 10: Unlawful disclosure of inside information
Mosca, Chiara
2017
Abstract
The comment addresses the main issues raised by Article 10. Both insider trading and the unlawful disclosure of inside information are prohibited by Article 14, even if the discipline of the two types of misconduct unveils significant differences. While the prohibition of insider trading is absolute, the transmission to third parties of inside information is sometimes necessary and, thus, legitimate without impairing the effectiveness of the equal access of information prin¬ciple. In order to understand Article 10, cases of legitimate and illegitimate transmission of inside information from primary or secondary insiders must be carefully distinguished. Within the overall pic¬ture of a strongly market- oriented discipline, unlawful disclosure of inside information not only reduces insider trading opportunities, but aims to impose a duty of confidentiality for all persons possessing inside information.File | Dimensione | Formato | |
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