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PARALLEL TEXTS
Una fase che precede una decisione di un’impresa quotata in borsa può costituire un’informazione privilegiata di cui i mercati finanziari devono poter disporre
Inglese tratto da:
http://europa.eu/rapid/pressReleasesAction.do?reference=CJE/12/90&format=HTML&aged=0&language=EN&guiLanguage=en
Italiano tratto da:
http://europa.eu/rapid/pressReleasesAction.do?reference=CJE/12/90&format=HTML&aged=0&language=IT&guiLanguage=en
Data documento: 28-07-2012
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A step preceding a decision by a listed corporation may constitute inside information which must be disclosed to the financial markets
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Una fase che precede una decisione di un’impresa quotata in borsa può costituire un’informazione privilegiata di cui i mercati finanziari devono poter disporre
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In order to ensure the integrity of the financial markets in the EU and investor confidence in those markets, Directive 2003/6 prohibits insider dealing and requires issuers of financial instruments to disclose, as soon as possible, inside information which is of direct concern to them.
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Al fine di garantire l’integrità dei mercati finanziari dell’Unione europea e di rafforzare la fiducia degli investitori in tali mercati, la direttiva 2003/6 vieta gli abusi di informazioni privilegiate ed impone agli emittenti di strumenti finanziari di rendere pubbliche, appena possibile, le informazioni privilegiate che li riguardano direttamente.
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‘Inside information’ is defined as information which (i) is of a precise nature, (ii) has not been made public, (iii) relates, directly or indirectly, to one or more financial instruments or their issuers and (iv) if it were made public, would be likely to have a significant effect on the prices of those financial instruments or on the price of related derivative financial instruments.
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Un’ "informazione privilegiata" è definita come un’informazione (i) che ha un carattere preciso, (ii) che non è stata resa pubblica (iii) che concerne, direttamente o indirettamente, uno o più emittenti di strumenti finanziari o uno o più strumenti finanziari (iv) e che, se resa pubblica, potrebbe influire in modo sensibile sui prezzi di tali strumenti finanziari ovvero sui prezzi di strumenti finanziari derivati connessi.
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Directive 2003/124 gives a closer definition of the notion of ‘precise information’.
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La direttiva 2003/124 contiene una definizione più sottile della nozione di "informazione avente un carattere preciso":
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Thus, the information must refer to a set of circumstances which exists or may reasonably be expected to come into existence or an event which has occurred or may reasonably be expected to do so.
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l’informazione deve fare riferimento ad un complesso di circostanze esistente o di cui si possa ragionevolmente ritenere che verrà ad esistere o ad un evento verificatosi o di cui si possa ragionevolmente ritenere che si verificherà.
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The Bundesgerichtshof (Federal Court of Justice, Germany) sought clarification from the Court of Justice on the notion of ‘precise information’ in connection with proceedings before it between Mr Geltl and Daimler AG concerning the loss he claims to have suffered as a result of the allegedly late public disclosure by that company of information relating to the early departure of Mr Schrempp as Chairman of its Board of Management.
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Il Bundesgerichtshof (Corte federale di giustizia tedesca) ha chiesto alla Corte di giustizia di chiarire la nozione di "informazione avente un carattere preciso".Tale giudice deve pronunciarsi su una controversia tra il signor Geltl e la Daimler AG in merito al danno che il primo sostiene di aver subito a causa della pubblicazione, asseritamente tardiva, da parte della società, di informazioni relative alle dimissioni anticipate del signor Schrempp dalla carica di presidente del consiglio di amministrazione.
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On 28 July 2005 Daimler’s share price rose sharply following the announcement of the decision, adopted the same day, of Daimler’s Supervisory Board that Mr Schrempp would step down at the end of the year and be replaced by Mr Zetsche.
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Infatti, il 28 luglio 2005 il prezzo delle azioni della Daimler è notevolmente aumentato in seguito alla pubblicazione della decisione del consiglio di sorveglianza della Daimler, adottata lo stesso giorno, secondo cui il signor Schrempp avrebbe lasciato il suo incarico alla fine dell’anno e sarebbe stato sostituito dal signor Zetsche.
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Mr Geltl had sold Daimler shares before that announcement.
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Orbene, il signor Geltl aveva già venduto le sue azioni della Daimler.
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The Bundesgerichtshof asked, inter alia, whether precise information could exist before the Supervisory Board’s decision on 28 July 2005.
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Il Bundesgerichtshof si chiede in particolare se un’informazione precisa attinente alle dimissioni del signor Schrempp abbia potuto esistere prima della decisione del consiglio di sorveglianza del 28 luglio 2005.
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On 17 May 2005, Mr Schrempp had already discussed his plans to resign with the Chairman of the Supervisory Board and, subsequently, other members of the Supervisory Board and the Board of Management were also informed.
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Infatti, il 17 maggio 2005 il signor Schrempp aveva già menzionato la sua intenzione di dimettersi al presidente del consiglio di sorveglianza; in seguito, anche altri membri del consiglio di sorveglianza e del consiglio di amministrazione ne erano stati informati.
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In its judgment delivered today, the Court replies that, in the case of a protracted process intended to bring about a particular circumstance or to generate a particular event, not only may that future circumstance or future event be regarded as precise information, but also the intermediate steps of that process which are connected with bringing about that future circumstance or event.
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Con la sua sentenza odierna, la Corte risponde che in una fattispecie a formazione progressiva diretta a realizzare una determinata circostanza o a produrre un certo evento possono costituire informazioni aventi un carattere preciso non solo la detta circostanza o il detto evento, bensì anche le fasi intermedie di tale fattispecie collegate al verificarsi di questi ultimi.
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An intermediate step in a protracted process may in itself constitute a set of circumstances or an event in the meaning normally attributed to those terms.
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Infatti, una fase intermedia di una fattispecie a formazione progressiva può essa stessa costituire un complesso di circostanze o un evento, secondo il significato comunemente attribuito a tali espressioni.
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This interpretation does not hold true only for those steps which have already come into existence or have already occurred, but also concerns steps which may reasonably be expected to come into existence or occur.
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Tale interpretazione non vale soltanto per le fasi che esistono già o che si sono già prodotte, bensì anche per le fasi di cui si può ragionevolmente ritenere che esisteranno o che si verificheranno.
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Any other interpretation risks undermining the objectives of the directive, which are to protect the integrity of the EU financial markets and to enhance investor confidence in those markets.
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Qualsiasi altra interpretazione rischierebbe di pregiudicare gli obiettivi della direttiva di garantire l’integrità dei mercati finanziari dell’Unione e di rafforzare la fiducia degli investitori in tali mercati.
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To rule out the possibility that information relating to an intermediate step in a protracted process may be of a precise nature would remove the obligation to disclose that information, even if it were quite specific and even though the other elements making up inside information were also present.
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Infatti, escludere che un’informazione relativa a una fase intermedia di una fattispecie a formazione progressiva possa essere considerata un’informazione avente un carattere preciso vanificherebbe l’obbligo di renderla pubblica, anche qualora essa avesse un carattere del tutto specifico e pur in presenza anche degli altri elementi costitutivi di un’informazione privilegiata.
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In such a situation, certain parties who possessed inside information could be in an advantageous position vis-à-vis other investors and be able to profit from that information, to the detriment of those who are unaware of it.
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In una situazione del genere, taluni detentori di tale informazione potrebbero trovarsi in una posizione avvantaggiata rispetto agli altri investitori e potrebbero trarne profitto a scapito di coloro che la ignorano.
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The Court holds that the notion of a set of circumstances which exists or may reasonably be expected to come into existence or an event which has occurred or may reasonably be expected to do so refers to future circumstances or events from which it appears, on the basis of an overall assessment of the factors existing at the relevant time, that there is a realistic prospect that they will come into existence or occur.
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Per quanto riguarda la nozione di "un complesso di circostanze o un evento di cui si possa ragionevolmente ritenere che verrà ad esistere o che si verificherà", la Corte precisa che essa riguarda le circostanze o gli eventi futuri di cui appare, sulla base di una valutazione globale degli elementi già disponibili, che vi sia una concreta prospettiva che essi verranno ad esistere o che si verificheranno.
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It is, accordingly, not necessary that proof be made out of a high probability of the circumstances or events in question coming into existence or occurring.
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Non è quindi necessario dimostrare un’elevata probabilità delle circostanze o degli eventi in questione.
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Moreover, the magnitude of their possible effect on the prices of the financial instruments concerned is immaterial in the interpretation of that notion.
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Inoltre, l’ampiezza delle conseguenze possibili di tale complesso di circostanze o di tale evento sul prezzo degli strumenti finanziari in questione è irrilevante per interpretare tale nozione.
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NOTE:
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IMPORTANTE:
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A reference for a preliminary ruling allows the courts and tribunals of the Member States, in disputes which have been brought before them, to refer questions to the Court of Justice about the interpretation of European Union law or the validity of a European Union act.
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Il rinvio pregiudiziale consente ai giudici degli Stati membri, nell'ambito di una controversia della quale sono investiti, di interpellare la Corte in merito all’interpretazione del diritto dell’Unione o alla validità di un atto dell’Unione.
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The Court of Justice does not decide the dispute itself.
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La Corte non risolve la controversia nazionale.
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It is for the national court or tribunal to dispose of the case in accordance with the Court’s decision, which is similarly binding on other national courts or tribunals before which a similar issue is raised.
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Spetta al giudice nazionale risolvere la causa conformemente alla decisione della Corte. Tale decisione vincola egualmente gli altri giudici nazionali ai quali venga sottoposto un problema simile.
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A step preceding a decision by a listed corporation may constitute inside
information which must be disclosed to the financial markets
In order to ensure the integrity of the financial markets in the EU and
investor confidence in those markets, Directive 2003/6 prohibits insider dealing
and requires issuers of financial instruments to disclose, as soon as possible,
inside information which is of direct concern to them.
‘Inside information’ is defined as information which (i) is of a precise
nature, (ii) has not been made public, (iii) relates, directly or indirectly, to
one or more financial instruments or their issuers and (iv) if it were made
public, would be likely to have a significant effect on the prices of those
financial instruments or on the price of related derivative financial
instruments.
Directive 2003/124 gives a closer definition of the notion of ‘precise
information’.
Thus, the information must refer to a set of circumstances which exists or
may reasonably be expected to come into existence or an event which has occurred
or may reasonably be expected to do so.
The Bundesgerichtshof (Federal Court of Justice, Germany) sought
clarification from the Court of Justice on the notion of ‘precise information’
in connection with proceedings before it between Mr Geltl and Daimler AG
concerning the loss he claims to have suffered as a result of the allegedly late
public disclosure by that company of information relating to the early departure
of Mr Schrempp as Chairman of its Board of Management.
On 28 July 2005 Daimler’s share price rose sharply following the announcement
of the decision, adopted the same day, of Daimler’s Supervisory Board that Mr
Schrempp would step down at the end of the year and be replaced by Mr Zetsche.
Mr Geltl had sold Daimler shares before that announcement.
The Bundesgerichtshof asked, inter alia, whether precise information could
exist before the Supervisory Board’s decision on 28 July 2005.
On 17 May 2005, Mr Schrempp had already discussed his plans to resign with
the Chairman of the Supervisory Board and, subsequently, other members of the
Supervisory Board and the Board of Management were also informed.
In its judgment delivered today, the Court replies that, in the case of a
protracted process intended to bring about a particular circumstance or to
generate a particular event, not only may that future circumstance or future
event be regarded as precise information, but also the intermediate steps of
that process which are connected with bringing about that future circumstance or
event.
An intermediate step in a protracted process may in itself constitute a set
of circumstances or an event in the meaning normally attributed to those terms.
This interpretation does not hold true only for those steps which have
already come into existence or have already occurred, but also concerns steps
which may reasonably be expected to come into existence or occur.
Any other interpretation risks undermining the objectives of the directive,
which are to protect the integrity of the EU financial markets and to enhance
investor confidence in those markets.
To rule out the possibility that information relating to an intermediate step
in a protracted process may be of a precise nature would remove the obligation
to disclose that information, even if it were quite specific and even though the
other elements making up inside information were also present.
In such a situation, certain parties who possessed inside information could
be in an advantageous position vis-à-vis other investors and be able to profit
from that information, to the detriment of those who are unaware of it.
The Court holds that the notion of a set of circumstances which exists or may
reasonably be expected to come into existence or an event which has occurred or
may reasonably be expected to do so refers to future circumstances or events
from which it appears, on the basis of an overall assessment of the factors
existing at the relevant time, that there is a realistic prospect that they will
come into existence or occur.
It is, accordingly, not necessary that proof be made out of a high
probability of the circumstances or events in question coming into existence or
occurring.
Moreover, the magnitude of their possible effect on the prices of the
financial instruments concerned is immaterial in the interpretation of that
notion.
NOTE:
A reference for a preliminary ruling allows the courts and tribunals of the
Member States, in disputes which have been brought before them, to refer
questions to the Court of Justice about the interpretation of European Union law
or the validity of a European Union act.
The Court of Justice does not decide the dispute itself.
It is for the national court or tribunal to dispose of the case in accordance
with the Court’s decision, which is similarly binding on other national courts
or tribunals before which a similar issue is raised.
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