The ECJ redefines the term “insider information” according to the Market Abuse Directive, which is dedicated to the protection of the financial market. The definition of “insider information” is obviously to be interpreted extensively. A security holder is quickly obliged to publish certain information.
Insider information does not only exist when it can be used to predict a specific direction in the price change of a financial instrument. Only vague and general information that does not allow conclusions to be drawn about the impact on the price is not considered to be “inside information”.
Read in Long text more about the explanations of the recent ECJ decision.
