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Supreme Court of Denmark

No basis for referral of questions for a preliminary ruling 
30-06-2016 

Case no. 221/2015
 

Order made on 30 June 2016


The Prosecution Service
vs.
T1-T4


The Supreme Court found no basis for referring questions for a preliminary ruling to the EU Court of Justice in a case on market manipulation

The High Court had dismissed the claim against T1-T4 of violation of the provisions of the Danish Securities Trading Act on market manipulation. These provisions were introduced in Danish law to implement the EU Directive on criminal sanctions for market abuse (Market Abuse Directive). The Appeals Permission Board gave the Prosecution Service permission to refer the judgment to the Supreme Court with a claim for annulment of the High Court's judgment and remission to the High Court for a new hearing.

The defendants requested that four questions on the interpretation of the Market Abuse Directive be referred to the EU Court of Justice before the Supreme Court decides on the matter. The Public Prosecutor has objected to this.

The Supreme Court's preliminary assessment was that the rules of the Market Abuse Directive on market manipulation etc., according to their wording and purpose and the EU Court of Justice's current case law, did not give rise to any reasonable doubt as to the interpretation of the EU law that justified referring questions to the EU Court of Justice. Accordingly, the Supreme Court did not grant the request for a reference for a preliminary ruling.

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