Abstract

Over the years, the financial markets of the countries in the European Union have reached increasingly prominent differences, especially in insider dealing and its variety of sanctions. As a result, there is a need to adopt a single and harmonized European framework to ensure the security of all participants in capital markets. A key role in this process plays the decision on the Spector Photo Group case, which raises key topics, where there was no legislation at that moment. After a series of negotiations, the law changed with the Market Abuse Regulation.