{"attribution":{"source":"legal.exploreworldai.com","canonical":"https://legal.exploreworldai.com/api/public/v1/judgment-text?id=eu:c-363-24","cite_as":"NovaCopilot, legal.exploreworldai.com (https://legal.exploreworldai.com/api/public/v1/judgment-text?id=eu:c-363-24)","license":"https://legal.exploreworldai.com/revision","version":"legal-2026-10-26","fingerprint":"ewai:eu:bfb11c","proof":"sha256:3d8f1c52dc7270ea2f3786a46c72935922cf952037e70c04481f049239c73094","jurisdiction":"eu","lang":"en","publisher":"NovaCopilot by ExploreWorld Legal","terms":"https://legal.exploreworldai.com/om"},"brand_source":"Source: NovaCopilot","item":{"schema_version":"1.0.0","id":"eu:c-363-24","jurisdiction":"eu","lang":"en","brand_source":"Source: NovaCopilot","brand":{"product":"NovaCopilot","platform":"ExploreWorldAI","infrastructure":"ExploreWorld Legal","infrastructure_url":"legal.exploreworldai.com","legal_entity":"Valkiv Ventures AB","permanent_url":"https://legal.exploreworldai.com/novacopilot","source":"Source: NovaCopilot","powered_by":"Powered by NovaCopilot","license":"https://legal.exploreworldai.com/licensvillkor"},"sections":[{"title":"62024CJ0363","paragraphs":[]},{"title":"JUDGMENT OF THE COURT (Fourth Chamber)","paragraphs":[]},{"title":"19 March 2026 (\n *1\n )","paragraphs":["para_4","para_5","para_6"]},{"title":"Finansinspektionen","paragraphs":["para_8","para_9","para_10","para_11","para_12","para_13","para_14","para_15","para_16","para_17","para_18","para_19","para_20","para_21","para_22","para_23","para_24","para_25","para_26","para_27","para_28","para_29"]},{"title":"Judgment","paragraphs":[]},{"title":"1","paragraphs":["para_32"]},{"title":"2","paragraphs":["para_34"]},{"title":"Legal context","paragraphs":[]},{"title":"European Union law","paragraphs":[]},{"title":"Regulation No 596/2014","paragraphs":[]},{"title":"3","paragraphs":[]},{"title":"Recitals 2, 14 and 24 of Regulation No 596/2014 state as follows:","paragraphs":["para_40","para_41","para_42"]},{"title":"(14)","paragraphs":["para_44","para_45"]},{"title":"(24)","paragraphs":["para_47"]},{"title":"4","paragraphs":[]},{"title":"Article 1 of that regulation provides:","paragraphs":["para_50"]},{"title":"5","paragraphs":[]},{"title":"Article 7 of that regulation, entitled ‘Inside information’, provides:","paragraphs":["para_53"]},{"title":"(a)","paragraphs":["para_55","para_56","para_57","para_58","para_59","para_60"]},{"title":"6","paragraphs":[]},{"title":"Article 8 of that regulation, entitled ‘Insider dealing’, provides in paragraph 1:","paragraphs":["para_63"]},{"title":"7","paragraphs":["para_65","para_66"]},{"title":"(a)","paragraphs":["para_68"]},{"title":"(b)","paragraphs":["para_70","para_71","para_72"]},{"title":"8","paragraphs":["para_74","para_75"]},{"title":"(a)","paragraphs":["para_77"]},{"title":"(b)","paragraphs":["para_79"]},{"title":"(c)","paragraphs":["para_81"]},{"title":"9","paragraphs":["para_83","para_84","para_85","para_86"]},{"title":"(a)","paragraphs":["para_88"]},{"title":"(b)","paragraphs":["para_90"]},{"title":"(c)","paragraphs":["para_92","para_93"]},{"title":"10","paragraphs":[]},{"title":"Article 18 of that same regulation, entitled ‘Insider lists’, provides:","paragraphs":["para_96"]},{"title":"(a)","paragraphs":["para_98"]},{"title":"(b)","paragraphs":["para_100"]},{"title":"(c)","paragraphs":["para_102","para_103"]},{"title":"3.   The insider list shall include at least:","paragraphs":[]},{"title":"(a)","paragraphs":["para_106"]},{"title":"(b)","paragraphs":["para_108"]},{"title":"(c)","paragraphs":["para_110"]},{"title":"(d)","paragraphs":["para_112","para_113"]},{"title":"11","paragraphs":["para_115","para_116"]},{"title":"(a)","paragraphs":["para_118"]},{"title":"(b)","paragraphs":["para_120","para_121","para_122","para_123","para_124"]},{"title":"Implementing Regulation (EU) 2016/347","paragraphs":[]},{"title":"12","paragraphs":["para_127","para_128","para_129","para_130","para_131","para_132"]},{"title":"Swedish law","paragraphs":[]},{"title":"13","paragraphs":["para_135"]},{"title":"14","paragraphs":["para_137"]},{"title":"The dispute in the main proceedings and the questions referred for a preliminary ruling","paragraphs":[]},{"title":"15","paragraphs":["para_140"]},{"title":"16","paragraphs":["para_142"]},{"title":"17","paragraphs":["para_144"]},{"title":"18","paragraphs":["para_146"]},{"title":"19","paragraphs":["para_148"]},{"title":"20","paragraphs":["para_150"]},{"title":"21","paragraphs":["para_152"]},{"title":"22","paragraphs":["para_154"]},{"title":"23","paragraphs":["para_156"]},{"title":"24","paragraphs":["para_158"]},{"title":"25","paragraphs":["para_160"]},{"title":"26","paragraphs":["para_162","para_163","para_164"]},{"title":"(2)","paragraphs":[]},{"title":"If that is the case, then under what conditions?","paragraphs":[]},{"title":"(3)","paragraphs":["para_168"]},{"title":"(4)","paragraphs":["para_170"]},{"title":"Consideration of the questions referred","paragraphs":[]},{"title":"The first and second questions","paragraphs":[]},{"title":"27","paragraphs":["para_174"]},{"title":"28","paragraphs":["para_176"]},{"title":"29","paragraphs":["para_178"]},{"title":"30","paragraphs":["para_180"]},{"title":"31","paragraphs":["para_182"]},{"title":"32","paragraphs":["para_184"]},{"title":"33","paragraphs":["para_186"]},{"title":"34","paragraphs":["para_188"]},{"title":"35","paragraphs":["para_190"]},{"title":"36","paragraphs":["para_192"]},{"title":"37","paragraphs":["para_194"]},{"title":"38","paragraphs":["para_196"]},{"title":"39","paragraphs":["para_198"]},{"title":"40","paragraphs":["para_200"]},{"title":"41","paragraphs":["para_202"]},{"title":"42","paragraphs":["para_204"]},{"title":"43","paragraphs":["para_206"]},{"title":"44","paragraphs":["para_208"]},{"title":"45","paragraphs":["para_210"]},{"title":"46","paragraphs":["para_212"]},{"title":"47","paragraphs":["para_214"]},{"title":"48","paragraphs":["para_216"]},{"title":"49","paragraphs":["para_218"]},{"title":"50","paragraphs":["para_220"]},{"title":"51","paragraphs":["para_222"]},{"title":"52","paragraphs":["para_224"]},{"title":"53","paragraphs":["para_226"]},{"title":"54","paragraphs":["para_228"]},{"title":"55","paragraphs":["para_230"]},{"title":"56","paragraphs":["para_232"]},{"title":"57","paragraphs":["para_234"]},{"title":"The third and fourth questions","paragraphs":[]},{"title":"58","paragraphs":["para_237"]},{"title":"59","paragraphs":["para_239"]},{"title":"60","paragraphs":["para_241"]},{"title":"61","paragraphs":["para_243"]},{"title":"62","paragraphs":["para_245"]},{"title":"63","paragraphs":["para_247"]},{"title":"64","paragraphs":["para_249"]},{"title":"65","paragraphs":["para_251"]},{"title":"66","paragraphs":["para_253"]},{"title":"67","paragraphs":["para_255"]},{"title":"68","paragraphs":["para_257"]},{"title":"69","paragraphs":["para_259"]},{"title":"70","paragraphs":["para_261"]},{"title":"71","paragraphs":["para_263"]},{"title":"72","paragraphs":["para_265"]},{"title":"73","paragraphs":["para_267"]},{"title":"74","paragraphs":["para_269"]},{"title":"Costs","paragraphs":[]},{"title":"75","paragraphs":["para_272"]},{"title":"On those grounds, the Court (Fourth Chamber) hereby rules:","paragraphs":["para_274","para_275","para_276","para_277"]},{"title":"Article 7(1) of Regulation No 596/2014","paragraphs":["para_279","para_280","para_281"]}],"paragraphs":[{"text":"62024CJ0363","paragraph_id":"para_1"},{"text":"JUDGMENT OF THE COURT (Fourth Chamber)","paragraph_id":"para_2"},{"text":"19 March 2026 (\n *1\n )","paragraph_id":"para_3"},{"text":"(Reference for a preliminary ruling – Regulation (EU) No 596/2014 – Market abuse – Article 7(1) – Concept of ‘inside information’ – Article 7(2) – Information of a ‘precise nature’ – Email containing information relating to the inclusion of a person in an insider list – No statement of the reasons that led to that inclusion – Correct assessment of the circumstances – Correct information – Necessity)","paragraph_id":"para_4"},{"text":"In Case C‑363/24,","paragraph_id":"para_5"},{"text":"REQUEST for a preliminary ruling under Article 267 TFEU from the Högsta domstolen (Supreme Court, Sweden), made by decision of 8 May 2024, received at the Court on 17 May 2024, in the proceedings","paragraph_id":"para_6"},{"text":"Finansinspektionen","paragraph_id":"para_7"},{"text":"v","paragraph_id":"para_8"},{"text":"Carnegie Investment Bank AB,","paragraph_id":"para_9"},{"text":"THE COURT (Fourth Chamber),","paragraph_id":"para_10"},{"text":"composed of I. Jarukaitis, President of the Chamber, K. Lenaerts, President of the Court, acting as Judge of the Fourth Chamber, M. Condinanzi (Rapporteur), N. Jääskinen and R. Frendo, Judges,","paragraph_id":"para_11"},{"text":"Advocate General: M. Campos Sánchez-Bordona,","paragraph_id":"para_12"},{"text":"Registrar: L. Carrasco Marco, Administrator,","paragraph_id":"para_13"},{"text":"having regard to the written procedure and further to the hearing on 21 May 2025,","paragraph_id":"para_14"},{"text":"after considering the observations submitted on behalf of:","paragraph_id":"para_15"},{"text":"–","paragraph_id":"para_16"},{"text":"Finansinspektionen, by M. Eiderbrant and E. Leijonram, acting as Agents,","paragraph_id":"para_17"},{"text":"–","paragraph_id":"para_18"},{"text":"Carnegie Investment Bank AB, by M. Bengtsson, N. Rockborn and D. Waerme, advokater,","paragraph_id":"para_19"},{"text":"–","paragraph_id":"para_20"},{"text":"the German Government, by J. Möller and R. Kanitz, acting as Agents,","paragraph_id":"para_21"},{"text":"–","paragraph_id":"para_22"},{"text":"the Finnish Government, by M. Pere, acting as Agent,","paragraph_id":"para_23"},{"text":"–","paragraph_id":"para_24"},{"text":"the Norwegian Government, by E. Skjelland and B. Stankovic, acting as Agents,","paragraph_id":"para_25"},{"text":"–","paragraph_id":"para_26"},{"text":"the European Commission, by C. Auvret and M. Björkland, acting as Agents,","paragraph_id":"para_27"},{"text":"after hearing the Opinion of the Advocate General at the sitting on 10 July 2025,","paragraph_id":"para_28"},{"text":"gives the following","paragraph_id":"para_29"},{"text":"Judgment","paragraph_id":"para_30"},{"text":"1","paragraph_id":"para_31"},{"text":"The request for a preliminary ruling concerns the interpretation of Article 7(2) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC ( OJ 2014 L 173, p. 1 , and corrigendum OJ 2016 L 287, p. 320 ).","paragraph_id":"para_32"},{"text":"2","paragraph_id":"para_33"},{"text":"The request has been made in proceedings between Finansinspektionen (Financial Supervisory Authority, Sweden) and Carnegie Investment Bank AB (‘Carnegie’), a bank established in Sweden, concerning that authority’s form of order seeking to have Carnegie ordered to pay a fine for having infringed the prohibition against insider dealing within the meaning of Articles 8 and 14 of Regulation No 596/2014.","paragraph_id":"para_34"},{"text":"Legal context","paragraph_id":"para_35"},{"text":"European Union law","paragraph_id":"para_36"},{"text":"Regulation No 596/2014","paragraph_id":"para_37"},{"text":"3","paragraph_id":"para_38"},{"text":"Recitals 2, 14 and 24 of Regulation No 596/2014 state as follows:","paragraph_id":"para_39"},{"text":"‘(2)","paragraph_id":"para_40"},{"text":"An integrated, efficient and transparent financial market requires market integrity. The smooth functioning of securities markets and public confidence in markets are prerequisites for economic growth and wealth. Market abuse harms the integrity of financial markets and public confidence in securities and derivatives.","paragraph_id":"para_41"},{"text":"…","paragraph_id":"para_42"},{"text":"(14)","paragraph_id":"para_43"},{"text":"Reasonable investors base their investment decisions on information already available to them, that is to say, on ex ante available information. Therefore, the question whether, in making an investment decision, a reasonable investor would be likely to take into account a particular piece of informa …","paragraph_id":"para_44"},{"text":"…","paragraph_id":"para_45"},{"text":"(24)","paragraph_id":"para_46"},{"text":"… The question whether a person has infringed the prohibition on insider dealing or has attempted to commit insider dealing should be analysed in the light of the purpose of this Regulation, which is to protect the integrity of the financial market and to enhance investor confidence, which is based, in turn, on the assurance that investors will be placed on an equal footing and protected from the misuse of inside information.’","paragraph_id":"para_47"},{"text":"4","paragraph_id":"para_48"},{"text":"Article 1 of that regulation provides:","paragraph_id":"para_49"},{"text":"‘This Regulation establishes a common regulatory framework on insider dealing, the unlawful disclosure of inside information and market manipulation (market abuse) as well as measures to prevent market abuse to ensure the integrity of financial markets in the [European] Union and to enhance investor protection and confidence in those markets.’","paragraph_id":"para_50"},{"text":"5","paragraph_id":"para_51"},{"text":"Article 7 of that regulation, entitled ‘Inside information’, provides:","paragraph_id":"para_52"},{"text":"‘1.   For the purposes of this Regulation, inside information shall comprise the following types of information:","paragraph_id":"para_53"},{"text":"(a)","paragraph_id":"para_54"},{"text":"information of a precise nature, which has not been made public, relating, directly or indirectly, to one or more issuers or to one or more financial instruments, and which, 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;","paragraph_id":"para_55"},{"text":"…","paragraph_id":"para_56"},{"text":"2.   For the purposes of paragraph 1, information shall be deemed to be of a precise nature if it indicates a set of circumstances which exists or which may reasonably be expected to come into existence, or an event which has occurred or which may reasonably be expected to occur, where it is specifi …","paragraph_id":"para_57"},{"text":"…","paragraph_id":"para_58"},{"text":"4.   For the purposes of paragraph 1, information which, if it were made public, would be likely to have a significant effect on the prices of financial instruments, derivative financial instruments, related spot commodity contracts, or auctioned products based on emission allowances shall mean information a reasonable investor would be likely to use as part of the basis of his or her investment decisions.","paragraph_id":"para_59"},{"text":"…’","paragraph_id":"para_60"},{"text":"6","paragraph_id":"para_61"},{"text":"Article 8 of that regulation, entitled ‘Insider dealing’, provides in paragraph 1:","paragraph_id":"para_62"},{"text":"‘For the purposes of this Regulation, insider dealing arises where a person possesses inside information and uses that information by acquiring or disposing of, for its own account or for the account of a third party, directly or indirectly, financial instruments to which that information relates. T …","paragraph_id":"para_63"},{"text":"7","paragraph_id":"para_64"},{"text":"Article 9 of Regulation No 596/2014, entitled ‘Legitimate behaviour’, provides as follows in paragraphs 3 and 6:","paragraph_id":"para_65"},{"text":"‘3.   For the purposes of Articles 8 and 14, it shall not be deemed from the mere fact that a person is in possession of inside information that that person has used that information and has thus engaged in insider dealing on the basis of an acquisition or disposal where that person conducts a trans …","paragraph_id":"para_66"},{"text":"(a)","paragraph_id":"para_67"},{"text":"that obligation results from an order placed or an agreement concluded before the person concerned possessed inside information; or","paragraph_id":"para_68"},{"text":"(b)","paragraph_id":"para_69"},{"text":"that transaction is carried out to satisfy a legal or regulatory obligation that arose, before the person concerned possessed inside information.","paragraph_id":"para_70"},{"text":"…","paragraph_id":"para_71"},{"text":"6.   Notwithstanding paragraphs 1 to 5 of this Article, an infringement of the prohibition of insider dealing set out in Article 14 may still be deemed to have occurred if the competent authority establishes that there was an illegitimate reason for the orders to trade, transactions or behaviours concerned.’","paragraph_id":"para_72"},{"text":"8","paragraph_id":"para_73"},{"text":"Article 14 of that regulation, entitled ‘Prohibition of insider dealing and of unlawful disclosure of inside information’, is worded as follows:","paragraph_id":"para_74"},{"text":"‘A person shall not:","paragraph_id":"para_75"},{"text":"(a)","paragraph_id":"para_76"},{"text":"engage or attempt to engage in insider dealing;","paragraph_id":"para_77"},{"text":"(b)","paragraph_id":"para_78"},{"text":"recommend that another person engage in insider dealing or induce another person to engage in insider dealing; or","paragraph_id":"para_79"},{"text":"(c)","paragraph_id":"para_80"},{"text":"unlawfully disclose inside information.’","paragraph_id":"para_81"},{"text":"9","paragraph_id":"para_82"},{"text":"Article 17 of that regulation, entitled ‘Public disclosure of inside information’, provides in paragraphs 1 and 4:","paragraph_id":"para_83"},{"text":"‘1.   An issuer shall inform the public as soon as possible of inside information which directly concerns that issuer.","paragraph_id":"para_84"},{"text":"…","paragraph_id":"para_85"},{"text":"4.   An issuer or an emission allowance market participant, may, on its own responsibility, delay disclosure to the public of inside information provided that all of the following conditions are met:","paragraph_id":"para_86"},{"text":"(a)","paragraph_id":"para_87"},{"text":"immediate disclosure is likely to prejudice the legitimate interests of the issuer or emission allowance market participant;","paragraph_id":"para_88"},{"text":"(b)","paragraph_id":"para_89"},{"text":"delay of disclosure is not likely to mislead the public;","paragraph_id":"para_90"},{"text":"(c)","paragraph_id":"para_91"},{"text":"the issuer or emission allowance market participant is able to ensure the confidentiality of that information.","paragraph_id":"para_92"},{"text":"…’","paragraph_id":"para_93"},{"text":"10","paragraph_id":"para_94"},{"text":"Article 18 of that same regulation, entitled ‘Insider lists’, provides:","paragraph_id":"para_95"},{"text":"‘1.   Issuers or any person acting on their behalf or on their account, shall:","paragraph_id":"para_96"},{"text":"(a)","paragraph_id":"para_97"},{"text":"draw up a list of all persons who have access to inside information and who are working for them under a contract of employment, or otherwise performing tasks through which they have access to inside information, such as advisers, accountants or credit rating agencies (insider list);","paragraph_id":"para_98"},{"text":"(b)","paragraph_id":"para_99"},{"text":"promptly update the insider list in accordance with paragraph 4; and","paragraph_id":"para_100"},{"text":"(c)","paragraph_id":"para_101"},{"text":"provide the insider list to the competent authority as soon as possible upon its request.","paragraph_id":"para_102"},{"text":"…","paragraph_id":"para_103"},{"text":"3.   The insider list shall include at least:","paragraph_id":"para_104"},{"text":"(a)","paragraph_id":"para_105"},{"text":"the identity of any person having access to inside information;","paragraph_id":"para_106"},{"text":"(b)","paragraph_id":"para_107"},{"text":"the reason for including that person in the insider list;","paragraph_id":"para_108"},{"text":"(c)","paragraph_id":"para_109"},{"text":"the date and time at which that person obtained access to inside information; and","paragraph_id":"para_110"},{"text":"(d)","paragraph_id":"para_111"},{"text":"the date on which the insider list was drawn up.","paragraph_id":"para_112"},{"text":"…’","paragraph_id":"para_113"},{"text":"11","paragraph_id":"para_114"},{"text":"Article 19 of Regulation No 596/2014, entitled ‘Managers’ transactions’, is worded as follows:","paragraph_id":"para_115"},{"text":"‘1.   Persons discharging managerial responsibilities, as well as persons closely associated with them, shall notify the issuer or the emission allowance market participant and the competent authority referred to in the second subparagraph of paragraph 2:","paragraph_id":"para_116"},{"text":"(a)","paragraph_id":"para_117"},{"text":"in respect of issuers, of every transaction conducted on their own account relating to the shares or debt instruments of that issuer or to derivatives or other financial instruments linked thereto;","paragraph_id":"para_118"},{"text":"(b)","paragraph_id":"para_119"},{"text":"in respect of emission allowance market participants, of every transaction conducted on their own account relating to emission allowances, to auction products based thereon or to derivatives relating thereto.","paragraph_id":"para_120"},{"text":"Such notifications shall be made promptly and no later than three business days after the date of the transaction.","paragraph_id":"para_121"},{"text":"The first subparagraph applies once the total amount of transactions has reached the threshold set out in paragraph 8 or 9, as applicable, within a calendar year.","paragraph_id":"para_122"},{"text":"2.   For the purposes of paragraph 1, and without prejudice to the right of Member States to provide for notification obligations other than those referred to in this Article, all transactions conducted on the own account of the persons referred to in paragraph 1, shall be notified by those persons to the competent authorities.","paragraph_id":"para_123"},{"text":"…’","paragraph_id":"para_124"},{"text":"Implementing Regulation (EU) 2016/347","paragraph_id":"para_125"},{"text":"12","paragraph_id":"para_126"},{"text":"Article 2 of Commission Implementing Regulation (EU) 2016/347 of 10 March 2016 laying down implementing technical standards with regard to the precise format of insider lists and for updating insider lists in accordance with Regulation No 596/2014 of the European Parliament and of the Council ( OJ 2016 L 65, p. 49 ) provided:","paragraph_id":"para_127"},{"text":"‘1.   Issuers, emission allowance market participants, auction platforms, auctioneers and auction monitor, or any person acting on their behalf or on their account, shall ensure that their insider list is divided into separate sections relating to different inside information. …","paragraph_id":"para_128"},{"text":"Each section of the insider list shall only include details of individuals having access to the inside information relevant to that section.","paragraph_id":"para_129"},{"text":"2.   The persons referred to in paragraph 1 may insert a supplementary section into their insider list with the details of individuals who have access at all times to all inside information (“permanent insiders”).","paragraph_id":"para_130"},{"text":"The details of permanent insiders included in the supplementary section referred to in the first subparagraph shall not be included in the other sections of the insider list referred to in paragraph 1.","paragraph_id":"para_131"},{"text":"…’","paragraph_id":"para_132"},{"text":"Swedish law","paragraph_id":"para_133"},{"text":"13","paragraph_id":"para_134"},{"text":"Lag (2016:1306) med kompletterande bestämmelser till EU:s marknadsmissbruksförordning (Law (2016:1306) supplementing the EU market abuse regulation) of 20 December 2016 (SFS 2016, No 1306) contains provisions supplementing Regulation No 596/2014.","paragraph_id":"para_135"},{"text":"14","paragraph_id":"para_136"},{"text":"Paragraph 1(1) of Chapter 5 of that law provides that the Financial Supervisory Authority is obliged to take action against any person who has infringed the prohibition on insider dealing. Paragraph 3(6) of that chapter provides that that action may take the form of a financial penalty.","paragraph_id":"para_137"},{"text":"The dispute in the main proceedings and the questions referred for a preliminary ruling","paragraph_id":"para_138"},{"text":"15","paragraph_id":"para_139"},{"text":"It is apparent from the order for reference that, on the date of the facts of the main proceedings, the company Varvtre AB was owned by BAK, who was then also the Chief Executive Officer and main shareholder of the Swedish listed video game development company Starbreeze AB. Varvtre had a ‘depository loan’ with Carnegie, under which Varvtre had obtained from Carnegie a credit in exchange for pledging shares in the bank’s depository as collateral.","paragraph_id":"para_140"},{"text":"16","paragraph_id":"para_141"},{"text":"In particular, under that contract, Varvtre had a credit of 35 million kronor (SEK) (approximately EUR 3275131) in return for pledging shares in Starbreeze up to a certain value. That contract provided that those shares could only be used as collateral up to a certain level and that Carnegie had the …","paragraph_id":"para_142"},{"text":"17","paragraph_id":"para_143"},{"text":"On account of a fall in the price of Starbreeze’s shares, Varvtre’s credit with Carnegie became over-indebted. On 14 November 2018, the over-indebtedness amounted to approximately SEK 5 million (approximately EUR 467875). The next morning, Carnegie initiated a sale of the Starbreeze shares pledged by Varvtre, in performance of the relevant contract provisions.","paragraph_id":"para_144"},{"text":"18","paragraph_id":"para_145"},{"text":"At 13:32 on 15 November 2018, the head of communications at Starbreeze, who also assisted BAK and Varvtre in their dealings with Carnegie, sent an email to Carnegie (‘the email of 15 November 2018’) stating that BAK had been logged on Starbreeze’s transparency register and could not sell after 13:33 …","paragraph_id":"para_146"},{"text":"19","paragraph_id":"para_147"},{"text":"According to the head of communications at Starbreeze, the reason why BAK was included in that list was that he had been informed that Starbreeze’s Chief Financial Officer had resigned. However, the email of 15 November 2018 did not contain any information regarding the reason for BAK’s inclusion in …","paragraph_id":"para_148"},{"text":"20","paragraph_id":"para_149"},{"text":"After Carnegie received the email of 15 November 2018, the sale of Starbreeze shares that had been initiated that morning was suspended. The sale was then resumed in the afternoon by Carnegie. Between that date and up to and including 19 November 2018, a total of just over SEK 16 million (approximately EUR 1497202) worth of shares was sold. For Varvtre, that sale entailed a loss limitation of approximately SEK 4.9 million (approximately EUR 426000).","paragraph_id":"para_150"},{"text":"21","paragraph_id":"para_151"},{"text":"On 23 November 2018, Starbreeze issued a press release stating, inter alia, that the company’s sales revenue was lower than expected and that the company’s CFO no longer held that post.","paragraph_id":"para_152"},{"text":"22","paragraph_id":"para_153"},{"text":"The Financial Supervisory Authority brought an action against Carnegie, requesting that the bank be ordered to pay a fine of SEK 35 million (approximately EUR 3045000) for having infringed the prohibition against insider dealing laid down in Articles 8 and 14 of Regulation No 596/2014. In support of …","paragraph_id":"para_154"},{"text":"23","paragraph_id":"para_155"},{"text":"The Tingsrätt (District Court, Sweden) ruled that the information in the email constituted inside information and upheld the action. In particular, in the view of the Tingsrätt (District Court), the information in that email could only be understood as being negative financial information in respect …","paragraph_id":"para_156"},{"text":"24","paragraph_id":"para_157"},{"text":"The Svea Hovrätt (Svea Court of Appeal, Stockholm, Sweden) overruled the judgment of the Tingsrätt (District Court) and dismissed the action brought by the Financial Supervisory Authority, on the ground that the information in the email of 15 November 2018 did not constitute inside information. Acco …","paragraph_id":"para_158"},{"text":"25","paragraph_id":"para_159"},{"text":"The Financial Supervisory Authority appealed against that judgment of the Svea Hovrätt (Svea Court of Appeal, Stockholm) to the Högsta domstolen (Supreme Court, Sweden), the referring court. The Högsta domstolen (Supreme Court) notes that, in order for information to constitute ‘inside information’ …","paragraph_id":"para_160"},{"text":"26","paragraph_id":"para_161"},{"text":"In those circumstances the Högsta domstolen (Supreme Court) decided to stay the proceedings and to refer the following questions to the Court of Justice for a preliminary ruling:","paragraph_id":"para_162"},{"text":"‘(1)","paragraph_id":"para_163"},{"text":"Can a communication that a particular person has been included in an insider list and is prevented from selling shares in an issuer be of a sufficiently specific nature to constitute inside information under Article 7(2) of [Regulation No 596/2014], even if the reasons for the person’s inclusion are not clear?","paragraph_id":"para_164"},{"text":"(2)","paragraph_id":"para_165"},{"text":"If that is the case, then under what conditions?","paragraph_id":"para_166"},{"text":"(3)","paragraph_id":"para_167"},{"text":"Is it relevant to the assessment of whether a communication of the kind referred to in Question 1 constitutes inside information, if the issuer’s assessment that the circumstances which led to the person’s inclusion in the insider list constituted inside information was correct?","paragraph_id":"para_168"},{"text":"(4)","paragraph_id":"para_169"},{"text":"Is it relevant to the assessment of whether a communication such as that referred to in Question 1 constitutes inside information, if the information contained in the communication was correct?’","paragraph_id":"para_170"},{"text":"Consideration of the questions referred","paragraph_id":"para_171"},{"text":"The first and second questions","paragraph_id":"para_172"},{"text":"27","paragraph_id":"para_173"},{"text":"By its first and second questions, which should be examined together, the referring court asks, in essence, whether Article 7(2) of Regulation No 596/2014 must be interpreted as meaning that, for the purposes of categorising information as ‘inside’, a communication from an issuer to the effect that …","paragraph_id":"para_174"},{"text":"28","paragraph_id":"para_175"},{"text":"It should be noted, as a preliminary point, that Regulation No 596/2014 repealed and replaced, with effect from 3 July 2016, Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) ( OJ 2003 L 96, p. 16 ). Article …","paragraph_id":"para_176"},{"text":"29","paragraph_id":"para_177"},{"text":"As held by the Court previously, the definition of ‘inside information’ under Article 7(1) of Regulation No 596/2014 comprises four essential elements. First, the information must be of a precise nature. Secondly, the information must not have been made public. Thirdly, it must relate, directly or i …","paragraph_id":"para_178"},{"text":"30","paragraph_id":"para_179"},{"text":"Moreover, under Article 7(2) of that regulation, for the purposes of application of Article 7(1) thereof, information is to be deemed to be of a ‘precise nature’ if it satisfies two conditions: (i) it must indicate a set of circumstances which exists or may reasonably be expected to come into existe …","paragraph_id":"para_180"},{"text":"31","paragraph_id":"para_181"},{"text":"In the present case, the alleged inside information was contained in the email of 15 November 2018, by which the head of communications at Starbreeze informed Carnegie that BAK, who was at the time Starbreeze’s Chief Executive Officer and main shareholder, had just been placed on Starbreeze’s insider list and could not sell Starbreeze’s shares.","paragraph_id":"para_182"},{"text":"32","paragraph_id":"para_183"},{"text":"In that regard, the first condition referred to in paragraph 30 above will be examined as part of the analysis of the third and fourth questions.","paragraph_id":"para_184"},{"text":"33","paragraph_id":"para_185"},{"text":"As regards the second condition referred to in paragraph 30 of the present judgment, the Court has clarified that, in order to ascertain whether the information in question may be considered to be ‘sufficiently precise’, that information must be sufficiently exact or specific to constitute a basis o …","paragraph_id":"para_186"},{"text":"34","paragraph_id":"para_187"},{"text":"It follows that, in order to ascertain whether the second condition referred to in paragraph 30 above is satisfied and, therefore, whether information is ‘sufficiently precise’ within the meaning of Article 7(2) of Regulation No 596/2014, it is necessary to establish, on the basis of an assessment o …","paragraph_id":"para_188"},{"text":"35","paragraph_id":"para_189"},{"text":"With that clarification, the Court finds that the inclusion in an insider list of persons who have access to inside information and who work for an issuer under a contract of employment or otherwise perform tasks through which they have access to such information, as well as updates and the provisio …","paragraph_id":"para_190"},{"text":"36","paragraph_id":"para_191"},{"text":"Consequently, a communication stating that such a person has been included in the insider list does not, in principle, per se and in the absence of additional clarifications relating to the context in which that person was included in that list, have an effect on the prices of the financial instrume …","paragraph_id":"para_192"},{"text":"37","paragraph_id":"para_193"},{"text":"That holds true not only when that communication relates to the inclusion of a person who, due to the nature of his or her functions, has access to inside information at all times and, in that capacity, may have been included as a ‘permanent insider’ by the issuer, if the issuer has exercised the op …","paragraph_id":"para_194"},{"text":"38","paragraph_id":"para_195"},{"text":"However, the possibility cannot prima facie be ruled out that a communication stating that a person has been placed on the insider list of an issuer may, because of other elements attached thereto – such as, in particular, the statement that that person is prevented from selling shares in that issue …","paragraph_id":"para_196"},{"text":"39","paragraph_id":"para_197"},{"text":"To that end, it should be ascertained inter alia whether, in view of all the circumstances of a given case, it has been established that the communication of such information is capable of enabling the recipient thereof to profit therefrom, directly or indirectly, in order to buy or sell shares, thereby placing himself or herself in a more favourable position vis-à-vis other investors.","paragraph_id":"para_198"},{"text":"40","paragraph_id":"para_199"},{"text":"In that regard, it should be borne in mind that the objective of Regulation No 596/2014, as is apparent from recitals 2 and 24 and Article 1 thereof, is to protect the integrity of EU financial markets and to enhance investor confidence in those markets, a confidence which depends, inter alia, on in …","paragraph_id":"para_200"},{"text":"41","paragraph_id":"para_201"},{"text":"It is for the referring court to determine, in the light of all the circumstances of the main proceedings, whether it has been established that the communication in question satisfied the conditions laid down in Article 7(2) of Regulation No 596/2014 so as to be held to be ‘sufficiently precise’ and accordingly constitute ‘inside information’ within the meaning of Article 7(1) thereof.","paragraph_id":"para_202"},{"text":"42","paragraph_id":"para_203"},{"text":"In that analysis, that court must inter alia take account of both the content of the email of 15 November 2018 and the identity of the persons concerned by that email and their role within the issuer concerned.","paragraph_id":"para_204"},{"text":"43","paragraph_id":"para_205"},{"text":"On that last point, it should be emphasised that if, in the present case, BAK, as the Starbreeze’s Chief Executive Officer and main shareholder, necessarily had to have access to commercial information capable of constituting ‘inside information’ within the meaning of Article 7(1) of Regulation No 5 …","paragraph_id":"para_206"},{"text":"44","paragraph_id":"para_207"},{"text":"On the other hand, the fact that the information contained in the email of 15 November 2018 refers not only to BAK’s placement on Starbreeze’s insider list but also to the sales prohibition on BAK relating to the shares in that company, attached to that placement, is capable of having a bearing on t …","paragraph_id":"para_208"},{"text":"45","paragraph_id":"para_209"},{"text":"The Court notes that, although information relating to the mere fact that a person has been placed on the insider list of a company is, in principle and per se, neutral in relation to the question whether it would be appropriate for an investor to buy or sell shares in that company, the addition of …","paragraph_id":"para_210"},{"text":"46","paragraph_id":"para_211"},{"text":"It follows that such information, relating not only to the placement of a person on the insider list of a securities issuer but also to the fact that a prohibition on selling the securities of that issuer has been placed on that person, even if it does not enable an investor to know the underlying r …","paragraph_id":"para_212"},{"text":"47","paragraph_id":"para_213"},{"text":"The Court notes in that regard that the very objective of ascertaining whether the information in question is sufficiently precise is to determine whether it has a sufficient degree of precision to be able to have a significant effect on the prices of the financial instruments concerned or on the price of related derivative financial instruments, if it were made public.","paragraph_id":"para_214"},{"text":"48","paragraph_id":"para_215"},{"text":"The Court has held previously that information which, if it were made public, would be likely to have a ‘significant effect’ on the prices of the securities concerned within the meaning of Article 7(1) of Regulation No 596/2014, must be regarded, as a general rule, as satisfying the condition that t …","paragraph_id":"para_216"},{"text":"49","paragraph_id":"para_217"},{"text":"In those circumstances, the communication sent to Carnegie, stating that BAK had been placed on Starbreeze’s insider list, with the additional information stating that he was prevented from selling shares in that company, could enable a conclusion to be drawn about the prices of that company’s finan …","paragraph_id":"para_218"},{"text":"50","paragraph_id":"para_219"},{"text":"Moreover, in the application of Articles 8 and 14 of Regulation No 596/2014, the referring court must also take account of the specific context in which the inside information was communicated.","paragraph_id":"para_220"},{"text":"51","paragraph_id":"para_221"},{"text":"As discussed in paragraphs 15 to 17 of the present judgment, it is apparent from the order for reference that the sale of the Starbreeze shares held by Varvtre was initiated by Carnegie, in performance of the pledge of shares held by Carnegie under the ‘depository loan’ concluded by Varvtre and Carnegie.","paragraph_id":"para_222"},{"text":"52","paragraph_id":"para_223"},{"text":"In particular, under that contract, Varvtre had obtained from Carnegie a credit in exchange for pledging shares in the bank’s depository as collateral. That contract provided that those shares could only be used as collateral up to a certain level and that Carnegie had the right to terminate the cre …","paragraph_id":"para_224"},{"text":"53","paragraph_id":"para_225"},{"text":"The fall in the price of Starbreeze’s shares – which was, moreover, recorded before the email of 15 November 2018 was sent – is precisely the reason why Varvtre’s credit with Carnegie became over-indebted and, on the morning of 15 November 2018, Carnegie initiated a sale of the Starbreeze shares pledged by Varvtre, in performance of the relevant contract provisions.","paragraph_id":"para_226"},{"text":"54","paragraph_id":"para_227"},{"text":"It should be borne in mind in that regard that, under Article 9(3) of Regulation No 596/2014, for the purposes of Articles 8 and 14 of that regulation, it is not to be deemed from the mere fact that a person is in possession of inside information that that person has used that information and has th …","paragraph_id":"para_228"},{"text":"55","paragraph_id":"para_229"},{"text":"Article 9(6) of that regulation supplements that provision by providing that an infringement of the prohibition against insider dealing set out in Article 14 thereof may still be deemed to have occurred if the competent authority establishes that there was an illegitimate reason for the orders to trade, transactions or behaviours concerned.","paragraph_id":"para_230"},{"text":"56","paragraph_id":"para_231"},{"text":"Thus, should the referring court reach the conclusion that the email of 15 November 2018 contained inside information, it is under an obligation inter alia to ascertain, in view of all the circumstances of the main proceedings, whether the suspension and then resumption by Carnegie of the sale of St …","paragraph_id":"para_232"},{"text":"57","paragraph_id":"para_233"},{"text":"In the light of the foregoing, the answer to the first and second questions is that Article 7(2) of Regulation No 596/2014 must be interpreted as meaning that, for the purposes of categorising information as ‘inside’, a communication from an issuer to the effect that a person has been included in an …","paragraph_id":"para_234"},{"text":"The third and fourth questions","paragraph_id":"para_235"},{"text":"58","paragraph_id":"para_236"},{"text":"By its third and fourth questions, which should be examined together, the referring court asks, in essence, whether Article 7(1) of Regulation No 596/2014 must be interpreted as meaning that, in order to determine whether a communication constitutes ‘inside information’ within the meaning of that pr …","paragraph_id":"para_237"},{"text":"59","paragraph_id":"para_238"},{"text":"The Court finds at the outset that the concept of ‘inside information’ referred to in Article 7(1) of Regulation No 596/2014 must be applied in an objective manner, with the result that the issuer’s assessment of whether information is ‘inside’, and also whether such an assessment is accurate or inaccurate, are, in principle, completely irrelevant circumstances in order to determine whether the information in question comes within the scope of that concept.","paragraph_id":"para_239"},{"text":"60","paragraph_id":"para_240"},{"text":"In the present case, the referring court’s doubts seem to be based, in essence, on the fact, put forward by Carnegie and referred to in paragraph 18 of the present judgment, that the email of 15 November 2018 contained incorrect information, inasmuch as that email had been sent to him at 13:32, that is to say, a few minutes before Starbreeze’s insider list was drawn up and, consequently, BAK’s inclusion therein.","paragraph_id":"para_241"},{"text":"61","paragraph_id":"para_242"},{"text":"In order to answer the third and fourth questions, the Court finds, as a preliminary point, that the fact that the information in question must be correct is not among the four essential elements comprised in the concept of ‘inside information’, set out exhaustively in Article 7(1) of Regulation No …","paragraph_id":"para_243"},{"text":"62","paragraph_id":"para_244"},{"text":"As observed in paragraph 30 of the present judgment, under Article 7(2) of that regulation, for the purposes of application of Article 7(1) thereof, information is to be deemed to be of a ‘precise nature’ if it satisfies two cumulative conditions: (i) it must indicate a set of circumstances which ex …","paragraph_id":"para_245"},{"text":"63","paragraph_id":"para_246"},{"text":"As regards the first condition, the Court has held previously that it refers inter alia 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 (see, to that effect, judgment of 28 June 2012, Geltl, C‑19/11 , EU:C:2012:397 , paragraph  56 ).","paragraph_id":"para_247"},{"text":"64","paragraph_id":"para_248"},{"text":"It follows that information must, at the very least, have a certain degree of credibility in order to for that first condition to be satisfied, which means that there must be a reasonable likelihood that the event referred to in the information will occur, as observed, in essence, by the Advocate General in point 64 of his Opinion.","paragraph_id":"para_249"},{"text":"65","paragraph_id":"para_250"},{"text":"Consequently, information may be regarded as being of a ‘precise nature’ within the meaning of Article 7(2) of Regulation No 596/2014 if it refers to a set of circumstances or specific event which is appreciable as a whole and which has occurred or which may reasonably be expected to occur and which may reasonably be expected to come into existence.","paragraph_id":"para_251"},{"text":"66","paragraph_id":"para_252"},{"text":"As is apparent, in essence, from paragraph 46 and 47 of the present judgment, information is, in principle, ‘sufficiently precise’ within the meaning of Article 7(2) of Regulation No 596/2014 if a reasonable investor would be likely to use it as part of the basis of his or her investment decisions w …","paragraph_id":"para_253"},{"text":"67","paragraph_id":"para_254"},{"text":"In that assessment, the fact that information may turn out to be incorrect does not entail that it could not be used by an investor for the purposes of his or her investment choices if, notwithstanding that inaccuracy, it seems credible and accordingly satisfies the first condition referred to in pa …","paragraph_id":"para_255"},{"text":"68","paragraph_id":"para_256"},{"text":"As to the second condition laid down in Article 7(2) of Regulation No 596/2014, as observed in paragraphs 30 and 34 of the present judgment, for the purposes of ascertaining whether that condition is satisfied, the information must enable a conclusion to be drawn as to the possible effect of that set of circumstances or event on the prices of the financial instruments concerned or related derivative financial instruments.","paragraph_id":"para_257"},{"text":"69","paragraph_id":"para_258"},{"text":"It is true that the Court has held previously that the actual effect of a publication on the price of the securities referred to in that publication may constitute ex post evidence of the precise nature of the information relating to that publication (judgment of 15 March 2022, Autorité des marchés …","paragraph_id":"para_259"},{"text":"70","paragraph_id":"para_260"},{"text":"Information which seems credible and is of a sufficiently precise nature as to potentially affect the prices of an issuer’s financial instruments may, if it is made public, have a significant effect on the prices of an issuer’s financial instruments – and thus confer on the party in possession of it …","paragraph_id":"para_261"},{"text":"71","paragraph_id":"para_262"},{"text":"Similarly, a person who is informed that an issuer has included, or is about to include, a person in an insider list and that the insider will be subject to a sales prohibition, is in possession of information which is capable of being ‘inside’ information within the meaning of Article 7(1) of Regul …","paragraph_id":"para_263"},{"text":"72","paragraph_id":"para_264"},{"text":"Consequently, information which, in the course of an ex post investigation, turns out to be incorrect, may nevertheless constitute ‘inside information’ within the meaning of that provision if it can be established that, on the date when it was disclosed, it could be regarded as being credible and that it was capable of conferring an economic advantage on the party in possession of it vis-à-vis other investors for trading in financial instruments.","paragraph_id":"para_265"},{"text":"73","paragraph_id":"para_266"},{"text":"That holds all the more true where, as in the present case, the incorrectness of the information concerned, as alluded to in paragraph 18 of the present judgment, lies not in the fact that the inclusion of BAK in the insider list did not in fact happen, but rather solely in the fact that BAK had not yet been placed on that list when the email of 15 November 2018 was sent, that inclusion having taken place five minutes after that email was sent.","paragraph_id":"para_267"},{"text":"74","paragraph_id":"para_268"},{"text":"In the light of the foregoing, the answer to the third and fourth questions is that Article 7(1) of Regulation No 596/2014 must be interpreted as meaning that, in order to determine whether a communication constitutes ‘inside information’ within the meaning of that provision, it must be ascertained …","paragraph_id":"para_269"},{"text":"Costs","paragraph_id":"para_270"},{"text":"75","paragraph_id":"para_271"},{"text":"Since these proceedings are, for the parties to the main proceedings, a step in the action pending before the referring court, the decision on costs is a matter for that court. Costs incurred in submitting observations to the Court, other than the costs of those parties, are not recoverable.","paragraph_id":"para_272"},{"text":"On those grounds, the Court (Fourth Chamber) hereby rules:","paragraph_id":"para_273"},{"text":"1.","paragraph_id":"para_274"},{"text":"Article 7(2) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC,","paragraph_id":"para_275"},{"text":"must be interpreted as meaning that, for the purposes of categorising information as ‘inside’, a communication from an issuer to the effect that a person has been included in an insider list and is prevented from selling shares in that issuer, even if the reasons for the person’s inclusion are not c …","paragraph_id":"para_276"},{"text":"2.","paragraph_id":"para_277"},{"text":"Article 7(1) of Regulation No 596/2014","paragraph_id":"para_278"},{"text":"must be interpreted as meaning that, in order to determine whether a communication constitutes ‘inside information’ within the meaning of that provision, it must be ascertained whether it refers to a set of circumstances or specific event which is appreciable as a whole and which has occurred or whi …","paragraph_id":"para_279"},{"text":"[Signatures]","paragraph_id":"para_280"},{"text":"(\n *1\n ) Language of the case: Swedish.","paragraph_id":"para_281"}],"word_count":8398,"cites":["C-628/13","C-302/20","C-19/11"],"sha256":"3997b13c9f922b29a9ebca922a3f2ab70545dffddcd2b93af58f327e19fe2ddd","source_url":"https://publications.europa.eu/resource/celex/62024CJ0363.ENG.xhtml.ECR_62024CJ0363_EN_01.html","fetched_at":"2026-10-05T16:40:02.194+00:00","canonical":"https://legal.exploreworldai.com/ai/judgments/eu/c-363-24","risk_graph":"https://legal.exploreworldai.com/api/public/v1/risk?id=eu:c-363-24","relations_graph":"https://legal.exploreworldai.com/api/public/v1/relations?id=eu:c-363-24","changes":"https://legal.exploreworldai.com/api/public/v1/eu-praxis/changes","agent":"https://legal.exploreworldai.com/api/public/v1/eu-praxis/agent?id=eu:c-363-24","verification":{"stored_sha256":"3997b13c9f922b29a9ebca922a3f2ab70545dffddcd2b93af58f327e19fe2ddd","recomputed_sha256":"3997b13c9f922b29a9ebca922a3f2ab70545dffddcd2b93af58f327e19fe2ddd","intact":true,"checked_at":"2026-10-26T14:13:54.434Z"}},"hash":"sha256:3d8f1c52dc7270ea2f3786a46c72935922cf952037e70c04481f049239c73094","version":"legal-2026-10-26","expires":"2026-10-27T00:00:00.000Z","dependency":{"index_version":"legal-2026-10-26+legal-2026-10-26+2026-10-26T13:09:23","content_hash":"sha256:3d8f1c52dc7270ea2f3786a46c72935922cf952037e70c04481f049239c73094","revalidate_after":"2026-10-26T15:13:54.819Z","max_copy_age_seconds":3600,"policy":"revalidate-required; attribution-preferred","changelog":"https://legal.exploreworldai.com/api/public/v1/dependency","verify":"https://legal.exploreworldai.com/api/public/v1/verify","stale_copy_invalid":true},"canonical":"https://legal.exploreworldai.com/api/public/v1/judgment-text?id=eu:c-363-24","follow":[{"rel":"risk","href":"https://legal.exploreworldai.com/api/public/v1/risk?id=eu:c-363-24"},{"rel":"relations","href":"https://legal.exploreworldai.com/api/public/v1/relations?id=eu:c-363-24"},{"rel":"agent","href":"https://legal.exploreworldai.com/api/public/v1/eu-praxis/agent?id=eu:c-363-24"},{"rel":"obligations","href":"https://legal.exploreworldai.com/api/public/v1/obligation-chain"},{"rel":"changes","href":"https://legal.exploreworldai.com/api/public/v1/whats-new?jurisdiction=eu"}],"disclaimer":"Source reference with official identifier. 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