Article 10: Unlawful disclosure of inside information

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 principle (Section B). In order to understand Article 10, cases of legitimate and illegitimate transmission of inside information from primary or secondary insiders must be carefully distinguished (Section C). Within the overall picture 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 (Section D).