Nilas and Others [2012] EUECJ C-248/11 (22 March 2012)

Nilas and Others [2012] EUECJ C-248/11 (22 March 2012)

A market in financial instruments which does not satisfy the requirements in Title III of Directive 2004/39/EC does not fall within the concept of 'regulated market', even if its operator merged with the operator of a regulated market. Inclusion on the list of regulated markets under Article 47 is not a precondition for classification as a regulated market.

Citation
[2012] EUECJ C-248/11
Parties
Prosecutor: Ministerul public, Parchetul de pe lângă Înalta Curte de Casaţie şi Justiţie - Direcţia de Investigare a Infracţiunilor de Criminalitate Organizată şi Terorism; Defendant: Nilaş; Defendant: Gânscă; Defendant: Dascăl; Defendant: Baboş; Defendant: Oprean
Jurisdiction
European Union
Judgment Date
22 March 2012
Procedural Posture
Preliminary Ruling (reference for Interpretation) / Judgment on Reference From Curtea De Apel Cluj (romania) to the Court of Justice of the European Union
Outcome
Questions answered; interpretation provided.
Legal Topics
Regulated Markets, Market Manipulation, Market Abuse, Authorisation of Trading Platforms, Interpretation of EU Directives
European Union Law Financial Markets Law Criminal Law Regulated Markets Market Manipulation Market Abuse Authorisation of Trading Platforms Interpretation of EU Directives

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Parties

Ministerul public, Parchetul de pe lângă Înalta Curte de Casaţie şi Justiţie - Direcţia de Investigare a Infracţiunilor de Criminalitate Organizată şi Terorism

Prosecutor

Nilaş

Defendant

Gânscă

Defendant

Dascăl

Defendant

Baboş

Defendant

Oprean

Defendant

Procedural Posture

Preliminary Ruling (reference for Interpretation) / Judgment on Reference From Curtea De Apel Cluj (romania) to the Court of Justice of the European Union

Legal Issues

  1. 1 Whether a market in financial instruments not satisfying Title III of Directive 2004/39/EC can be considered a 'regulated market' under Article 4(1)(14)
  2. 2 Whether inclusion on the list of regulated markets under Article 47 of Directive 2004/39/EC is a precondition for classification as a regulated market

Ratio Decidendi

A market in financial instruments which does not satisfy the requirements in Title III of Directive 2004/39/EC does not fall within the concept of 'regulated market', even if its operator merged with the operator of a regulated market. Inclusion on the list of regulated markets under Article 47 is not a precondition for classification as a regulated market.

Court Disposition

Questions answered; interpretation provided.

Orders

  • Article 4(1)(14) of Directive 2004/39/EC must be interpreted as meaning that a market not satisfying Title III requirements is not a 'regulated market', even if its operator merged with a regulated market operator.
  • Article 47 of Directive 2004/39/EC must be interpreted as meaning that inclusion on the list of regulated markets is not a precondition for classification as a regulated market.