Grongaard & Bang (Approximation of laws) [2005] EUECJ C-384/02 (22 November 2005)

Grongaard & Bang (Approximation of laws) [2005] EUECJ C-384/02 (22 November 2005)

Article 3(a) of Directive 89/592/EEC precludes disclosure of inside information by employee representatives or trade union officials unless there is a close link between the disclosure and the exercise of their employment, profession or duties, and the disclosure is strictly necessary for that purpose; this...

Source-derived case information.

Citation
[2005] EUECJ C-384/02
Parties
Defendant: Mr Grøngaard; Defendant: Mr Bang; Referring Court: Københavns Byret (Copenhagen District Court)
Jurisdiction
European Union
Judgment Date
22 November 2005
Procedural Posture
Criminal Reference for Preliminary Ruling / Preliminary Ruling by Court of Justice of the European Union
Outcome
Preliminary ruling issued; Article 3(a) of Directive 89/592/EEC precludes disclosure of inside information by employee representatives or trade union officials except under strict necessity and close link to duties, to be assessed by the national court.
Legal Topics
Insider Dealing, Disclosure of Inside Information, Interpretation of Directive 89/592/eec, Exceptions to Prohibition of Disclosure, Employee Representatives, Trade Unions
European Union Law Criminal Law Financial Regulation Insider Dealing Disclosure of Inside Information Interpretation of Directive 89/592/eec Exceptions to Prohibition of Disclosure Employee Representatives +1 more

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Parties

Mr Grøngaard

Defendant

Mr Bang

Defendant

Københavns Byret (Copenhagen District Court)

Referring Court

Procedural Posture

Criminal Reference for Preliminary Ruling / Preliminary Ruling by Court of Justice of the European Union

Legal Issues

  1. 1 Whether Article 3(a) of Directive 89/592/EEC allows disclosure of inside information by employee representatives or trade union officials in specified circumstances
  2. 2 Scope and strictness of the exception for disclosure in the normal course of employment, profession or duties

Ratio Decidendi

Article 3(a) of Directive 89/592/EEC precludes disclosure of inside information by employee representatives or trade union officials unless there is a close link between the disclosure and the exercise of their employment, profession or duties, and the disclosure is strictly necessary for that purpose; this exception must be interpreted strictly and assessed in light of national law and the sensitivity of the information.

Court Disposition

Preliminary ruling issued; Article 3(a) of Directive 89/592/EEC precludes disclosure of inside information by employee representatives or trade union officials except under strict necessity and close link to duties, to be assessed by the national court.

Orders

  • National court must assess if disclosure was strictly necessary and closely linked to duties under national law, interpreting the exception strictly and considering the sensitivity of the information and risk of misuse.