Introduction

Matrix organization

Mergers by absorption

Risks related to the expansion of the scope of criminal liability of legal entities

Validity conditions

Proof of delegation

Exemption from individual liability of delegator

Attribution of offense to legal entity

Delegations of authority

Criminal risk management within business organizations

Complicity in crimes against humanity

Breaches of secrecy

Personal data breaches

Theft

Extortion

Blackmail

Fraud

Misappropriation

Receiving/concealment of unlawfully obtained property (recel)

Attacks on automated data processing systems

Money laundering

Misappropriation by public official (concussion)

Corruption and influence peddling

Unlawful acquisition of an interest

Favoritism

Forgery and use of forgeries

Violation of Criminal Code

Offenses under the Monetary and Financial Code

Offenses under the Commercial Code

Environmental Code violations

Offenses arising from other codes

Types of offenses

Offenses under the Criminal Code, the Commercial Code, or the Environmental Code, Criminal procedure

White Collar Crime (en cours)

Under Article 7 of Regulation No 596/2014, for information to be considered inside information, it must not yet have been made public.
Confidentiality is acquired from the receipt of insider information by the insider until its official release to the public . Thus, specific data determined during an executive committee meeting regarding the operating margin for the third quarter and its impact on …

Confidential nature

Under Article 7 of Regulation No 596/2014, for information to be considered inside information, it must not yet have been made public.

Confidentiality is acquired from the receipt of insider information by the insider until its official release to the public . Thus, specific data determined during an executive committee meeting regarding the operating margin for the third quarter and its impact on the following year's margin, which is significantly below analysts' expectations, constitutes insider information as long as the public only learned after the publication of a statement that the operating margin announced by the issuer and expected by investors would not be met .

The information retains its confidential nature, regardless of whether it is known by several people or by several financial markets, as long as it remains unknown to the general public, even if the press has spread rumors about it . Thus, when a member of a company's central works council mentions an acquisition project without revealing the name of the targeted company, it does not constitute a public communication and necessarily remains confidential because it is only partial and does not allow the public to form a precise idea of the imminent transfer of the stake .

Furthermore, since the execution of a trade order can take time, market abuse is constituted even if the inside information arises between the order and its execution: if the insider has placed the order, they must revoke it immediately or may incur criminal liability .

CA Paris, 2 October 2014, LawLex202300005877JBJ.

Cass. com., 26 May 2009, LawLex202200010912JBJ.

Cass. crim., 31 October 2007, LawLex202200010977JBJ, 9 October 2008, LawLex202300005878JBJ.

AMF, 11 December 2008, LawLex202300005880JBJ.

Cass. crim., 26 October 1995, LawLex202200004573JBJ.

White Collar Crime (en cours)

172. Confidential nature

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Les décisions de justice citées dans ce paragraphe :

Les notions juridiques connexes

172. Confidential nature

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Les décisions de justice citées dans ce paragraphe :

Les notions juridiques connexes

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