{"attribution":{"source":"legal.exploreworldai.com","canonical":"https://legal.exploreworldai.com/api/public/v1/judgment-text?id=eu:62020cj0339","cite_as":"NovaCopilot, legal.exploreworldai.com (https://legal.exploreworldai.com/api/public/v1/judgment-text?id=eu:62020cj0339)","license":"https://legal.exploreworldai.com/revision","version":"legal-2026-10-17","fingerprint":"ewai:eu:35aa2b","proof":"sha256:7b8720237e94ea382e0cc042a64ee78a04f003516aa7edc2ed5e33954aecfbc5","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:62020cj0339","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":"62020CJ0339","paragraphs":[]},{"title":"JUDGMENT OF THE COURT (Grand Chamber)","paragraphs":[]},{"title":"20 September 2022 (\n *1\n )","paragraphs":["para_4","para_5","para_6","para_7","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","para_30","para_31","para_32","para_33","para_34","para_35","para_36","para_37","para_38"]},{"title":"Judgment","paragraphs":[]},{"title":"1","paragraphs":["para_41"]},{"title":"2","paragraphs":["para_43"]},{"title":"Legal context","paragraphs":[]},{"title":"European Union law","paragraphs":[]},{"title":"Directive 2002/58","paragraphs":[]},{"title":"3","paragraphs":[]},{"title":"Recitals 2, 6, 7 and 11 of Directive 2002/58 state:","paragraphs":["para_49","para_50","para_51"]},{"title":"(6)","paragraphs":["para_53"]},{"title":"(7)","paragraphs":["para_55","para_56"]},{"title":"(11)","paragraphs":["para_58"]},{"title":"4","paragraphs":[]},{"title":"Article 1 of Directive 2002/58, headed ‘Scope and aim’, provides:","paragraphs":["para_61","para_62","para_63"]},{"title":"5","paragraphs":["para_65","para_66","para_67","para_68"]},{"title":"6","paragraphs":[]},{"title":"Article 5 of the directive, headed ‘Confidentiality of the communications’, provides:","paragraphs":["para_71","para_72","para_73"]},{"title":"7","paragraphs":[]},{"title":"Article 6 of Directive 2002/58, headed ‘Traffic data’, provides:","paragraphs":["para_76","para_77","para_78","para_79","para_80","para_81"]},{"title":"8","paragraphs":["para_83","para_84"]},{"title":"9","paragraphs":["para_86","para_87"]},{"title":"Directive 2003/6","paragraphs":[]},{"title":"10","paragraphs":[]},{"title":"Recitals 1, 2, 12, 37, 41 and 44 of Directive 2003/6 are worded as follows:","paragraphs":["para_91","para_92"]},{"title":"(2)","paragraphs":["para_94","para_95"]},{"title":"(12)","paragraphs":["para_97","para_98"]},{"title":"(37)","paragraphs":["para_100","para_101"]},{"title":"(41)","paragraphs":["para_103","para_104"]},{"title":"(44)","paragraphs":["para_106"]},{"title":"11","paragraphs":[]},{"title":"Article 11 of that directive provides:","paragraphs":["para_109","para_110"]},{"title":"12","paragraphs":[]},{"title":"Article 12 of that directive provides:","paragraphs":["para_113","para_114"]},{"title":"(a)","paragraphs":["para_116","para_117"]},{"title":"(d)","paragraphs":["para_119","para_120"]},{"title":"Regulation No 596/2014","paragraphs":[]},{"title":"13","paragraphs":["para_123"]},{"title":"14","paragraphs":[]},{"title":"Recitals 1, 2, 7, 24, 44, 62, 65, 66, 77 and 86 of that regulation are worded as follows:","paragraphs":["para_126","para_127"]},{"title":"(2)","paragraphs":["para_129","para_130"]},{"title":"(7)","paragraphs":["para_132","para_133"]},{"title":"(24)","paragraphs":["para_135","para_136"]},{"title":"(44)","paragraphs":["para_138","para_139"]},{"title":"(62)","paragraphs":["para_141","para_142"]},{"title":"(65)","paragraphs":["para_144"]},{"title":"(66)","paragraphs":["para_146","para_147"]},{"title":"(77)","paragraphs":["para_149","para_150"]},{"title":"(86)","paragraphs":["para_152"]},{"title":"15","paragraphs":[]},{"title":"Under Article 1 of that regulation:","paragraphs":["para_155"]},{"title":"16","paragraphs":["para_157","para_158","para_159"]},{"title":"(27)","paragraphs":["para_161"]},{"title":"17","paragraphs":["para_163","para_164"]},{"title":"(a)","paragraphs":["para_166"]},{"title":"(b)","paragraphs":["para_168"]},{"title":"(c)","paragraphs":["para_170"]},{"title":"18","paragraphs":[]},{"title":"Article 22 of that regulation provides:","paragraphs":["para_173"]},{"title":"19","paragraphs":["para_175","para_176"]},{"title":"(a)","paragraphs":["para_178","para_179"]},{"title":"(g)","paragraphs":["para_181"]},{"title":"(h)","paragraphs":["para_183","para_184","para_185","para_186"]},{"title":"French law","paragraphs":[]},{"title":"The CPCE","paragraphs":[]},{"title":"20","paragraphs":["para_190","para_191","para_192","para_193","para_194","para_195","para_196","para_197","para_198","para_199","para_200"]},{"title":"21","paragraphs":["para_202","para_203","para_204","para_205","para_206","para_207","para_208","para_209"]},{"title":"22","paragraphs":[]},{"title":"Article R. 10-13 of the CPCE is worded as follows:","paragraphs":["para_212"]},{"title":"(a)","paragraphs":["para_214"]},{"title":"(b)","paragraphs":["para_216"]},{"title":"(c)","paragraphs":["para_218"]},{"title":"(d)","paragraphs":["para_220"]},{"title":"(e)","paragraphs":["para_222","para_223","para_224","para_225"]},{"title":"The LCEN","paragraphs":[]},{"title":"23","paragraphs":["para_228","para_229","para_230","para_231","para_232","para_233","para_234","para_235","para_236","para_237","para_238"]},{"title":"The CMF","paragraphs":[]},{"title":"24","paragraphs":["para_241","para_242","para_243"]},{"title":"25","paragraphs":["para_245","para_246","para_247","para_248","para_249","para_250","para_251","para_252","para_253","para_254","para_255","para_256","para_257","para_258"]},{"title":"26","paragraphs":["para_260"]},{"title":"27","paragraphs":["para_262"]},{"title":"28","paragraphs":["para_264"]},{"title":"29","paragraphs":["para_266"]},{"title":"30","paragraphs":["para_268"]},{"title":"31","paragraphs":["para_270"]},{"title":"32","paragraphs":["para_272"]},{"title":"33","paragraphs":["para_274"]},{"title":"34","paragraphs":["para_276"]},{"title":"35","paragraphs":["para_278"]},{"title":"36","paragraphs":["para_280"]},{"title":"37","paragraphs":["para_282"]},{"title":"38","paragraphs":["para_284"]},{"title":"39","paragraphs":["para_286"]},{"title":"40","paragraphs":["para_288"]},{"title":"41","paragraphs":["para_290"]},{"title":"42","paragraphs":["para_292"]},{"title":"43","paragraphs":["para_294"]},{"title":"44","paragraphs":["para_296"]},{"title":"45","paragraphs":["para_298"]},{"title":"46","paragraphs":["para_300","para_301","para_302"]},{"title":"(2)","paragraphs":["para_304"]},{"title":"(3)","paragraphs":["para_306"]},{"title":"47","paragraphs":["para_308"]},{"title":"48","paragraphs":["para_310"]},{"title":"49","paragraphs":["para_312"]},{"title":"50","paragraphs":["para_314"]},{"title":"51","paragraphs":["para_316"]},{"title":"52","paragraphs":["para_318"]},{"title":"Consideration of the questions referred","paragraphs":[]},{"title":"Preliminary observations","paragraphs":[]},{"title":"53","paragraphs":["para_322"]},{"title":"54","paragraphs":["para_324"]},{"title":"55","paragraphs":["para_326"]},{"title":"56","paragraphs":["para_328"]},{"title":"57","paragraphs":["para_330"]},{"title":"58","paragraphs":["para_332"]},{"title":"59","paragraphs":["para_334"]},{"title":"60","paragraphs":["para_336"]},{"title":"61","paragraphs":["para_338"]},{"title":"62","paragraphs":["para_340"]},{"title":"63","paragraphs":["para_342"]},{"title":"64","paragraphs":["para_344"]},{"title":"The first question","paragraphs":[]},{"title":"65","paragraphs":["para_347"]},{"title":"66","paragraphs":["para_349"]},{"title":"67","paragraphs":["para_351"]},{"title":"68","paragraphs":["para_353"]},{"title":"69","paragraphs":["para_355"]},{"title":"70","paragraphs":["para_357"]},{"title":"71","paragraphs":["para_359"]},{"title":"72","paragraphs":["para_361"]},{"title":"73","paragraphs":["para_363"]},{"title":"74","paragraphs":["para_365"]},{"title":"75","paragraphs":["para_367"]},{"title":"76","paragraphs":["para_369"]},{"title":"77","paragraphs":["para_371"]},{"title":"78","paragraphs":["para_373"]},{"title":"79","paragraphs":["para_375"]},{"title":"80","paragraphs":["para_377"]},{"title":"81","paragraphs":["para_379"]},{"title":"82","paragraphs":["para_381"]},{"title":"83","paragraphs":["para_383"]},{"title":"84","paragraphs":["para_385"]},{"title":"85","paragraphs":["para_387"]},{"title":"86","paragraphs":["para_389"]},{"title":"87","paragraphs":["para_391"]},{"title":"88","paragraphs":["para_393"]},{"title":"89","paragraphs":["para_395"]},{"title":"90","paragraphs":["para_397"]},{"title":"91","paragraphs":["para_399"]},{"title":"92","paragraphs":["para_401"]},{"title":"93","paragraphs":["para_403"]},{"title":"94","paragraphs":["para_405"]},{"title":"95","paragraphs":["para_407"]},{"title":"The second and third questions","paragraphs":[]},{"title":"96","paragraphs":["para_410"]},{"title":"97","paragraphs":["para_412"]},{"title":"98","paragraphs":["para_414"]},{"title":"99","paragraphs":["para_416"]},{"title":"100","paragraphs":["para_418"]},{"title":"101","paragraphs":["para_420"]},{"title":"102","paragraphs":["para_422"]},{"title":"103","paragraphs":["para_424"]},{"title":"104","paragraphs":["para_426"]},{"title":"105","paragraphs":["para_428"]},{"title":"106","paragraphs":["para_430"]},{"title":"107","paragraphs":["para_432"]},{"title":"Costs","paragraphs":[]},{"title":"108","paragraphs":["para_435"]},{"title":"On those grounds, the Court (Grand Chamber) hereby rules:","paragraphs":["para_437","para_438","para_439","para_440","para_441","para_442","para_443"]}],"paragraphs":[{"text":"62020CJ0339","paragraph_id":"para_1"},{"text":"JUDGMENT OF THE COURT (Grand Chamber)","paragraph_id":"para_2"},{"text":"20 September 2022 (\n *1\n )","paragraph_id":"para_3"},{"text":"(References for a preliminary ruling – Single Market for financial services – Market abuse – Insider dealing – Directive 2003/6/EC – Article 12(2)(a) and (d) – Regulation (EU) No 596/2014 – Article 23(2)(g) and (h) – Supervisory and investigatory powers of the Autorité des marchés financiers (AMF) – …","paragraph_id":"para_4"},{"text":"In Joined Cases C‑339/20 and C‑397/20,","paragraph_id":"para_5"},{"text":"REQUESTS for a preliminary ruling under Article 267 TFEU from the Cour de cassation (Court of Cassation, France), made by decisions of 1 April 2020, received at the Court on 24 July 2020 and 20 August 2020 respectively, in the criminal proceedings against","paragraph_id":"para_6"},{"text":"VD (C‑339/20),","paragraph_id":"para_7"},{"text":"SR (C‑397/20),","paragraph_id":"para_8"},{"text":"THE COURT (Grand Chamber),","paragraph_id":"para_9"},{"text":"composed of K. Lenaerts, President, A. Arabadjiev, A. Prechal, S. Rodin, I. Jarukaitis and I. Ziemele, Presidents of Chambers, T. von Danwitz, M. Safjan, F. Biltgen, P.G. Xuereb (Rapporteur), N. Piçarra, L.S. Rossi and A. Kumin, Judges,","paragraph_id":"para_10"},{"text":"Advocate General: M. Campos Sánchez-Bordona,","paragraph_id":"para_11"},{"text":"Registrar: R. Șereș, Administrator,","paragraph_id":"para_12"},{"text":"having regard to the written procedure and further to the hearing on 14 September 2021,","paragraph_id":"para_13"},{"text":"after considering the observations submitted on behalf of:","paragraph_id":"para_14"},{"text":"–","paragraph_id":"para_15"},{"text":"VD, by D. Foussard and F. Peltier, avocats,","paragraph_id":"para_16"},{"text":"–","paragraph_id":"para_17"},{"text":"SR, by M. Chavannes and P. Spinosi, avocats,","paragraph_id":"para_18"},{"text":"–","paragraph_id":"para_19"},{"text":"the French Government, by A. Daniel, E. de Moustier, D. Dubois, J. Illouz and T. Stéhelin, acting as Agents,","paragraph_id":"para_20"},{"text":"–","paragraph_id":"para_21"},{"text":"the Danish Government, by N. Holst‑Christensen, N. Lykkegaard and M. Søndahl Wolff, acting as Agents,","paragraph_id":"para_22"},{"text":"–","paragraph_id":"para_23"},{"text":"the Estonian Government, by A. Kalbus and M. Kriisa, acting as Agents,","paragraph_id":"para_24"},{"text":"–","paragraph_id":"para_25"},{"text":"Ireland, by M. Browne, A. Joyce and J. Quaney, acting as Agents, and by D. Fennelly, Barrister-at-Law,","paragraph_id":"para_26"},{"text":"–","paragraph_id":"para_27"},{"text":"the Spanish Government, by L. Aguilera Ruiz, acting as Agent,","paragraph_id":"para_28"},{"text":"–","paragraph_id":"para_29"},{"text":"the Polish Government, by B. Majczyna, acting as Agent,","paragraph_id":"para_30"},{"text":"–","paragraph_id":"para_31"},{"text":"the Portuguese Government, by P. Barros da Costa, L. Inez Fernandes, L. Medeiros and I. Oliveira, acting as Agents,","paragraph_id":"para_32"},{"text":"–","paragraph_id":"para_33"},{"text":"the European Commission, by S.L. Kalėda, H. Kranenborg, T. Scharf and F. Wilman, acting as Agents,","paragraph_id":"para_34"},{"text":"–","paragraph_id":"para_35"},{"text":"the European Data Protection Supervisor, by A. Buchta, M. Guglielmetti, C.‑A. Mamier and D. Nardi, acting as Agents,","paragraph_id":"para_36"},{"text":"after hearing the Opinion of the Advocate General at the sitting on 18 November 2021,","paragraph_id":"para_37"},{"text":"gives the following","paragraph_id":"para_38"},{"text":"Judgment","paragraph_id":"para_39"},{"text":"1","paragraph_id":"para_40"},{"text":"These requests for a preliminary ruling concern, in essence, the interpretation of Article 12(2)(a) and (d) of 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 ) and Article 23(2)(g) a …","paragraph_id":"para_41"},{"text":"2","paragraph_id":"para_42"},{"text":"The requests have been made in the context of criminal proceedings brought against VD and SR in respect of insider dealing, concealment of insider dealing, aiding and abetting, corruption and money laundering.","paragraph_id":"para_43"},{"text":"Legal context","paragraph_id":"para_44"},{"text":"European Union law","paragraph_id":"para_45"},{"text":"Directive 2002/58","paragraph_id":"para_46"},{"text":"3","paragraph_id":"para_47"},{"text":"Recitals 2, 6, 7 and 11 of Directive 2002/58 state:","paragraph_id":"para_48"},{"text":"‘(2)","paragraph_id":"para_49"},{"text":"This Directive seeks to respect the fundamental rights and observes the principles recognised in particular by the [Charter]. In particular, this Directive seeks to ensure full respect for the rights set out in Articles 7 and 8 of that Charter.","paragraph_id":"para_50"},{"text":"…","paragraph_id":"para_51"},{"text":"(6)","paragraph_id":"para_52"},{"text":"The Internet is overturning traditional market structures by providing a common, global infrastructure for the delivery of a wide range of electronic communications services. Publicly available electronic communications services over the Internet open new possibilities for users but also new risks for their personal data and privacy.","paragraph_id":"para_53"},{"text":"(7)","paragraph_id":"para_54"},{"text":"In the case of public communications networks, specific legal, regulatory and technical provisions should be made in order to protect fundamental rights and freedoms of natural persons and legitimate interests of legal persons, in particular with regard to the increasing capacity for automated storage and processing of data relating to subscribers and users.","paragraph_id":"para_55"},{"text":"…","paragraph_id":"para_56"},{"text":"(11)","paragraph_id":"para_57"},{"text":"Like Directive [95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data ( OJ 1995 L 281, p. 31 )], this Directive does not address issues of protection of fundament …","paragraph_id":"para_58"},{"text":"4","paragraph_id":"para_59"},{"text":"Article 1 of Directive 2002/58, headed ‘Scope and aim’, provides:","paragraph_id":"para_60"},{"text":"‘1.   This Directive provides for the harmonisation of the national provisions required to ensure an equivalent level of protection of fundamental rights and freedoms, and in particular the right to privacy and confidentiality, with respect to the processing of personal data in the electronic communication sector and to ensure the free movement of such data and of electronic communication equipment and services in the Community.","paragraph_id":"para_61"},{"text":"2.   The provisions of this Directive particularise and complement Directive [95/46] for the purposes mentioned in paragraph 1. Moreover, they provide for protection of the legitimate interests of subscribers who are legal persons.","paragraph_id":"para_62"},{"text":"3.   This Directive shall not apply to activities which fall outside the scope of the [FEU Treaty], such as those covered by Titles V and VI [of the EU Treaty], and in any case to activities concerning public security, defence, State security (including the economic well-being of the State when the activities relate to State security matters) and the activities of the State in areas of criminal law.’","paragraph_id":"para_63"},{"text":"5","paragraph_id":"para_64"},{"text":"Article 2 of that directive, headed ‘Definitions’, provides in point (b) of the second paragraph:","paragraph_id":"para_65"},{"text":"‘The following definitions shall … apply:","paragraph_id":"para_66"},{"text":"…","paragraph_id":"para_67"},{"text":"(b) “traffic data” means any data processed for the purpose of the conveyance of a communication on an electronic communications network or for the billing thereof’.","paragraph_id":"para_68"},{"text":"6","paragraph_id":"para_69"},{"text":"Article 5 of the directive, headed ‘Confidentiality of the communications’, provides:","paragraph_id":"para_70"},{"text":"‘1.   Member States shall ensure the confidentiality of communications and the related traffic data by means of a public communications network and publicly available electronic communications services, through national legislation. In particular, they shall prohibit listening, tapping, storage or o …","paragraph_id":"para_71"},{"text":"2.   Paragraph 1 shall not affect any legally authorised recording of communications and the related traffic data when carried out in the course of lawful business practice for the purpose of providing evidence of a commercial transaction or of any other business communication.","paragraph_id":"para_72"},{"text":"3.   Member States shall ensure that the storing of information, or the gaining of access to information already stored, in the terminal equipment of a subscriber or user is only allowed on condition that the subscriber or user concerned has given his or her consent, having been provided with clear …","paragraph_id":"para_73"},{"text":"7","paragraph_id":"para_74"},{"text":"Article 6 of Directive 2002/58, headed ‘Traffic data’, provides:","paragraph_id":"para_75"},{"text":"‘1.   Traffic data relating to subscribers and users processed and stored by the provider of a public communications network or publicly available electronic communications service must be erased or made anonymous when it is no longer needed for the purpose of the transmission of a communication without prejudice to paragraphs 2, 3 and 5 of this Article and Article 15(1).","paragraph_id":"para_76"},{"text":"2.   Traffic data necessary for the purposes of subscriber billing and interconnection payments may be processed. Such processing is permissible only up to the end of the period during which the bill may lawfully be challenged or payment pursued.","paragraph_id":"para_77"},{"text":"3.   For the purpose of marketing electronic communications services or for the provision of value added services, the provider of a publicly available electronic communications service may process the data referred to in paragraph 1 to the extent and for the duration necessary for such services or …","paragraph_id":"para_78"},{"text":"…","paragraph_id":"para_79"},{"text":"5.   Processing of traffic data, in accordance with paragraphs 1, 2, 3 and 4, must be restricted to persons acting under the authority of providers of the public communications networks and publicly available electronic communications services handling billing or traffic management, customer enquiri …","paragraph_id":"para_80"},{"text":"…’","paragraph_id":"para_81"},{"text":"8","paragraph_id":"para_82"},{"text":"Article 9 of that directive, headed ‘Location data other than traffic data’, provides, in paragraph 1 thereof:","paragraph_id":"para_83"},{"text":"‘1. Where location data other than traffic data, relating to users or subscribers of public communications networks or publicly available electronic communications services, can be processed, such data may only be processed when they are made anonymous, or with the consent of the users or subscriber …","paragraph_id":"para_84"},{"text":"9","paragraph_id":"para_85"},{"text":"Article 15 of Directive 2002/58, headed ‘Application of certain provisions of Directive [95/46]’, provides, in paragraph 1 thereof:","paragraph_id":"para_86"},{"text":"‘Member States may adopt legislative measures to restrict the scope of the rights and obligations provided for in Article 5, Article 6, Article 8(1), (2), (3) and (4), and Article 9 of this Directive when such restriction constitutes a necessary, appropriate and proportionate measure within a democr …","paragraph_id":"para_87"},{"text":"Directive 2003/6","paragraph_id":"para_88"},{"text":"10","paragraph_id":"para_89"},{"text":"Recitals 1, 2, 12, 37, 41 and 44 of Directive 2003/6 are worded as follows:","paragraph_id":"para_90"},{"text":"‘(1)","paragraph_id":"para_91"},{"text":"A genuine Single Market for financial services is crucial for economic growth and job creation in the Community.","paragraph_id":"para_92"},{"text":"(2)","paragraph_id":"para_93"},{"text":"An integrated and efficient 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_94"},{"text":"…","paragraph_id":"para_95"},{"text":"(12)","paragraph_id":"para_96"},{"text":"Market abuse consists of insider dealing and market manipulation. The objective of legislation against insider dealing is the same as that of legislation against market manipulation: to ensure the integrity of Community financial markets and to enhance investor confidence in those markets. …","paragraph_id":"para_97"},{"text":"…","paragraph_id":"para_98"},{"text":"(37)","paragraph_id":"para_99"},{"text":"A common minimum set of effective tools and powers for the competent authority of each Member State will guarantee supervisory effectiveness. Market undertakings and all economic actors should also contribute at their level to market integrity. …","paragraph_id":"para_100"},{"text":"…","paragraph_id":"para_101"},{"text":"(41)","paragraph_id":"para_102"},{"text":"Since the objective of the proposed action, namely to prevent market abuse in the form of insider dealing and market manipulation, cannot be sufficiently achieved by the Member States and can therefore, by reason of the scale and effects of the measures, be better achieved at Community level, the Co …","paragraph_id":"para_103"},{"text":"…","paragraph_id":"para_104"},{"text":"(44)","paragraph_id":"para_105"},{"text":"This Directive respects the fundamental rights and observes the principles recognised in particular by [the Charter] and in particular by Article 11 thereof and Article 10 of the European Convention [for the Protection of] Human Rights [and Fundamental Freedoms]. …’","paragraph_id":"para_106"},{"text":"11","paragraph_id":"para_107"},{"text":"Article 11 of that directive provides:","paragraph_id":"para_108"},{"text":"‘Without prejudice to the competences of the judicial authorities, each Member State shall designate a single administrative authority competent to ensure that the provisions adopted pursuant to this Directive are applied.","paragraph_id":"para_109"},{"text":"…’","paragraph_id":"para_110"},{"text":"12","paragraph_id":"para_111"},{"text":"Article 12 of that directive provides:","paragraph_id":"para_112"},{"text":"‘1.   The competent authority shall be given all supervisory and investigatory powers that are necessary for the exercise of its functions. …","paragraph_id":"para_113"},{"text":"2.   Without prejudice to Article 6(7), the powers referred to in paragraph 1 of this Article shall be exercised in conformity with national law and shall include at least the right to:","paragraph_id":"para_114"},{"text":"(a)","paragraph_id":"para_115"},{"text":"have access to any document in any form whatsoever, and to receive a copy of it;","paragraph_id":"para_116"},{"text":"…","paragraph_id":"para_117"},{"text":"(d)","paragraph_id":"para_118"},{"text":"require existing telephone and existing data traffic records;","paragraph_id":"para_119"},{"text":"…’","paragraph_id":"para_120"},{"text":"Regulation No 596/2014","paragraph_id":"para_121"},{"text":"13","paragraph_id":"para_122"},{"text":"Regulation No 596/2014 repealed and replaced Directive 2003/6 with effect from 3 July 2016.","paragraph_id":"para_123"},{"text":"14","paragraph_id":"para_124"},{"text":"Recitals 1, 2, 7, 24, 44, 62, 65, 66, 77 and 86 of that regulation are worded as follows:","paragraph_id":"para_125"},{"text":"‘(1)","paragraph_id":"para_126"},{"text":"A genuine internal market for financial services is crucial for economic growth and job creation in the Union.","paragraph_id":"para_127"},{"text":"(2)","paragraph_id":"para_128"},{"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_129"},{"text":"…","paragraph_id":"para_130"},{"text":"(7)","paragraph_id":"para_131"},{"text":"Market abuse is a concept that encompasses unlawful behaviour in the financial markets and, for the purposes of this Regulation, it should be understood to consist of insider dealing, unlawful disclosure of inside information and market manipulation. Such behaviour prevents full and proper market transparency, which is a prerequisite for trading for all economic actors in integrated financial markets.","paragraph_id":"para_132"},{"text":"…","paragraph_id":"para_133"},{"text":"(24)","paragraph_id":"para_134"},{"text":"Where a legal or natural person in possession of inside information acquires or disposes of, or attempts to acquire or dispose of, for his own account or for the account of a third party, directly or indirectly, financial instruments to which that information relates, it should be implied that that …","paragraph_id":"para_135"},{"text":"…","paragraph_id":"para_136"},{"text":"(44)","paragraph_id":"para_137"},{"text":"Many financial instruments are priced by reference to benchmarks. The actual or attempted manipulation of benchmarks, including interbank offer rates, can have a serious impact on market confidence and may result in significant losses to investors or distort the real economy. …","paragraph_id":"para_138"},{"text":"…","paragraph_id":"para_139"},{"text":"(62)","paragraph_id":"para_140"},{"text":"A set of effective tools and powers and resources for the competent authority of each Member State guarantees supervisory effectiveness. Accordingly, this Regulation, in particular, provides for a minimum set of supervisory and investigative powers competent authorities of Member States should be entrusted with under national law. Those powers should be exercised, where the national law so requires, by application to the competent judicial authorities. …","paragraph_id":"para_141"},{"text":"…","paragraph_id":"para_142"},{"text":"(65)","paragraph_id":"para_143"},{"text":"Existing recordings of telephone conversations and data traffic records from investment firms, credit institutions and financial institutions executing and documenting the execution of transactions, as well as existing telephone and data traffic records from telecommunications operators, constitute …","paragraph_id":"para_144"},{"text":"(66)","paragraph_id":"para_145"},{"text":"While this Regulation specifies a minimum set of powers competent authorities should have, those powers are to be exercised within a complete system of national law which guarantees the respect for fundamental rights, including the right to privacy. For the exercise of those powers, which may amount …","paragraph_id":"para_146"},{"text":"…","paragraph_id":"para_147"},{"text":"(77)","paragraph_id":"para_148"},{"text":"This Regulation respects the fundamental rights and observes the principles recognised in the [Charter]. Accordingly, this Regulation should be interpreted and applied in accordance with those rights and principles. …","paragraph_id":"para_149"},{"text":"…","paragraph_id":"para_150"},{"text":"(86)","paragraph_id":"para_151"},{"text":"Since the objective of this Regulation, namely to prevent market abuse in the form of insider dealing, the unlawful disclosure of inside information and market manipulation, cannot be sufficiently achieved by the Member States but can rather, by reason of its scale and effects, be better achieved at …","paragraph_id":"para_152"},{"text":"15","paragraph_id":"para_153"},{"text":"Under Article 1 of that regulation:","paragraph_id":"para_154"},{"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 Union and to enhance investor protection and confidence in those markets.’","paragraph_id":"para_155"},{"text":"16","paragraph_id":"para_156"},{"text":"Under the heading ‘Definitions’, Article 3 of that regulation provides, in subparagraph (1)(27):","paragraph_id":"para_157"},{"text":"‘For the purposes of this Regulation, the following definitions apply:","paragraph_id":"para_158"},{"text":"…","paragraph_id":"para_159"},{"text":"(27)","paragraph_id":"para_160"},{"text":"“data traffic records” means records of traffic data as defined in point (b) of the second paragraph of Article 2 of Directive [2002/58];’","paragraph_id":"para_161"},{"text":"17","paragraph_id":"para_162"},{"text":"Under Article 14 of Regulation No 596/2014, headed ‘Prohibition of insider dealing and of unlawful disclosure of inside information’:","paragraph_id":"para_163"},{"text":"‘A person shall not:","paragraph_id":"para_164"},{"text":"(a)","paragraph_id":"para_165"},{"text":"engage or attempt to engage in insider dealing;","paragraph_id":"para_166"},{"text":"(b)","paragraph_id":"para_167"},{"text":"recommend that another person engage in insider dealing or induce another person to engage in insider dealing; or","paragraph_id":"para_168"},{"text":"(c)","paragraph_id":"para_169"},{"text":"unlawfully disclose inside information.’","paragraph_id":"para_170"},{"text":"18","paragraph_id":"para_171"},{"text":"Article 22 of that regulation provides:","paragraph_id":"para_172"},{"text":"‘Without prejudice to the competences of the judicial authorities, each Member State shall designate a single administrative competent authority for the purpose of this Regulation. …’","paragraph_id":"para_173"},{"text":"19","paragraph_id":"para_174"},{"text":"Article 23 of that regulation, headed ‘Powers of competent authorities’, provides in paragraphs 2 and 3 thereof:","paragraph_id":"para_175"},{"text":"‘2.   In order to fulfil their duties under this Regulation, competent authorities shall have, in accordance with national law, at least the following supervisory and investigatory powers:","paragraph_id":"para_176"},{"text":"(a)","paragraph_id":"para_177"},{"text":"to access any document and data in any form, and to receive or take a copy thereof;","paragraph_id":"para_178"},{"text":"…","paragraph_id":"para_179"},{"text":"(g)","paragraph_id":"para_180"},{"text":"to require existing recordings of telephone conversations, electronic communications or data traffic records held by investment firms, credit institutions or financial institutions;","paragraph_id":"para_181"},{"text":"(h)","paragraph_id":"para_182"},{"text":"to require, in so far as permitted by national law, existing data traffic records held by a telecommunications operator, where there is a reasonable suspicion of an infringement and where such records may be relevant to the investigation of an infringement of point (a) or (b) of Article 14 or Article 15;","paragraph_id":"para_183"},{"text":"…","paragraph_id":"para_184"},{"text":"3.   Member States shall ensure that appropriate measures are in place so that competent authorities have all the supervisory and investigatory powers that are necessary to fulfil their duties.","paragraph_id":"para_185"},{"text":"…’","paragraph_id":"para_186"},{"text":"French law","paragraph_id":"para_187"},{"text":"The CPCE","paragraph_id":"para_188"},{"text":"20","paragraph_id":"para_189"},{"text":"Article L. 34‑1 of the Code des postes et des communications électroniques (Post and Electronic Communications Code), in the version applicable to the disputes in the main proceedings (‘the CPCE’), provided:","paragraph_id":"para_190"},{"text":"‘I. – This Article shall apply to the processing of personal data in the course of the provision to the public of electronic communications services; it shall apply in particular to networks that support data collection and identification devices.","paragraph_id":"para_191"},{"text":"II. – Electronic communications operators, in particular persons whose business is to provide access to online public communication services, shall erase or render anonymous any data relating to traffic, subject to the provisions contained in points III, IV, V and VI.","paragraph_id":"para_192"},{"text":"Persons who provide electronic communications services to the public shall, with due regard for the provisions contained in the preceding paragraph, establish internal procedures for responding to requests from the competent authorities.","paragraph_id":"para_193"},{"text":"Persons who, as a principal or ancillary business activity, provide to the public a connection allowing online communication via access to the network shall, including where this is offered free of charge, be subject to compliance with the provisions applicable to electronic communications operators under this Article.","paragraph_id":"para_194"},{"text":"III. – For the purposes of investigating, detecting and prosecuting criminal offences or a failure to fulfil an obligation laid down in Article L. 336‑3 of the code de la propriété intellectuelle (Intellectual Property Code) or for the purposes of preventing breaches of automated data processing sys …","paragraph_id":"para_195"},{"text":"…","paragraph_id":"para_196"},{"text":"VI. – Data retained and processed under the conditions set out in points III, IV and V shall relate exclusively to the identification of persons using the services provided by operators, the technical characteristics of the communications provided by the latter and the location of terminal equipment.","paragraph_id":"para_197"},{"text":"Under no circumstance may such data relate to the content of the correspondence or the information consulted, in any form whatsoever, as part of those communications.","paragraph_id":"para_198"},{"text":"The retention and processing of such data shall be effected with due regard for the provisions of loi n o  78‑17 du 6 janvier 1978 relative à l’informatique, aux fichiers et aux libertés (Law No 78‑17 of 6 January 1978 on information technology, files and freedoms).","paragraph_id":"para_199"},{"text":"Operators shall take any measures necessary to prevent such data from being used for purposes other than those provided for in this Article.’","paragraph_id":"para_200"},{"text":"21","paragraph_id":"para_201"},{"text":"Article L. 34‑1 of the Post and Electronic Communications Code, in the version resulting from loi n o  2021‑998, du 30 juillet 2021, relative à la prévention d’actes de terrorisme et au renseignement (Law No 2021-998 of 30 July 2021 on the prevention of terrorist acts and information) (JORF of 31 July 2021, text No 1), provides in points II bis to III bis:","paragraph_id":"para_202"},{"text":"‘II bis – Electronic communications operators shall retain:","paragraph_id":"para_203"},{"text":"1. For the purposes of criminal proceedings, the prevention of threats to public security and the safeguarding of national security, information on the user’s civil identity for a period of five years from the end of the term of his or her contract;","paragraph_id":"para_204"},{"text":"2. For the same purposes as those set out in point II bis(1), the other information provided by the user when entering into a contract or setting up an account and the payment information, for a period of one year from the end of the term of his or her contract or of the closure of his or her account;","paragraph_id":"para_205"},{"text":"3. For the purposes of combating crime and serious crime, the prevention of serious threats to public security and the safeguarding of national security, technical data that make it possible to identify the source of the connection or data relating to the terminal equipment used, for a period of one year from the connection or use of terminal equipment.","paragraph_id":"para_206"},{"text":"III. – For reasons relating to the safeguarding of national security, where there is a serious, present or foreseeable threat to national security, the Prime Minister may, by decree, order electronic communication operators to retain for a period of one year certain categories of traffic data, in addition to the data referred to in point II bis(3), and location data specified by a decree to be adopted after consultation of the Conseil d’État (Council of State).","paragraph_id":"para_207"},{"text":"The Prime Minister’s order, which may be applicable for up to one year, may be renewed if the conditions laid down for its enactment continue to be met. Its expiry shall have no effect on the data retention period referred to in the first paragraph of this point III.","paragraph_id":"para_208"},{"text":"III bis – Data retained by operators under this Article may be subject to an expedited retention order issued by the authorities having access, under the law, to electronic communications data for the purposes of preventing and punishing crime, serious crime and other serious breaches of rules the observance of which they are responsible for ensuring, in order that those authorities may access those data.’","paragraph_id":"para_209"},{"text":"22","paragraph_id":"para_210"},{"text":"Article R. 10-13 of the CPCE is worded as follows:","paragraph_id":"para_211"},{"text":"‘I. – Pursuant to point III of Article L. 34‑1, electronic communications operators shall retain the following data for the purposes of investigating, detecting and prosecuting criminal offences:","paragraph_id":"para_212"},{"text":"(a)","paragraph_id":"para_213"},{"text":"information identifying the user;","paragraph_id":"para_214"},{"text":"(b)","paragraph_id":"para_215"},{"text":"data relating to the communications terminal equipment used;","paragraph_id":"para_216"},{"text":"(c)","paragraph_id":"para_217"},{"text":"the technical characteristics and date, time and duration of each communication;","paragraph_id":"para_218"},{"text":"(d)","paragraph_id":"para_219"},{"text":"data relating to the additional services requested or used and the providers of those services;","paragraph_id":"para_220"},{"text":"(e)","paragraph_id":"para_221"},{"text":"data identifying the addressee or addressees of the communication.","paragraph_id":"para_222"},{"text":"II. – In the case of telephony activities, the operator shall retain the data referred to in point II and, additionally, data enabling the origin and location of the communication to be identified.","paragraph_id":"para_223"},{"text":"III. – The data referred to in this Article shall be retained for one year from the date of registration.","paragraph_id":"para_224"},{"text":"…’","paragraph_id":"para_225"},{"text":"The LCEN","paragraph_id":"para_226"},{"text":"23","paragraph_id":"para_227"},{"text":"Article 6 of Loi n o  2004‑575 du 21 juin 2004 pour la confiance dans l’économie numérique (Law No 2004‑575 of 21 June 2004 to promote trust in the digital economy) (JORF of 22 June 2004, p. 11168), in the version applicable to the disputes in the main proceedings (‘the LCEN’) provided:","paragraph_id":"para_228"},{"text":"‘I – 1. Persons whose business is to provide access to online public communication services shall inform their subscribers of the existence of technical tools enabling access to some services to be restricted or for a selection of those services to be made and shall offer them at least one of those tools.","paragraph_id":"para_229"},{"text":"…","paragraph_id":"para_230"},{"text":"2. Natural or legal persons who, even free of charge, and for provision to the public via online public communications services, store signals, writing, images, sounds or messages of any kind provided by recipients of those services, may not incur any civil liability for the activities or informatio …","paragraph_id":"para_231"},{"text":"…","paragraph_id":"para_232"},{"text":"II. – The persons referred to in point I(1) and (2) shall keep and retain the data in such a way as to make it possible to identify anyone who has assisted in the creation of all or part of the content of the services of which they are the providers.","paragraph_id":"para_233"},{"text":"They shall provide persons who publish an online public communication service with technical tools enabling them to satisfy the identification conditions laid down in point III.","paragraph_id":"para_234"},{"text":"A judicial authority may require the service providers mentioned in point I(1) and (2) to communicate the data referred to in the first paragraph.","paragraph_id":"para_235"},{"text":"The provisions of Articles 226‑17, 226‑21 and 226‑22 of the Criminal Code shall apply to the processing of those data.","paragraph_id":"para_236"},{"text":"A decree to be adopted following consultation of the Conseil d’État (Council of State) and after consultation of the Data Protection Authority shall define the data referred to in the first paragraph and determine the period for which, and the methods by which, those data is to be retained.","paragraph_id":"para_237"},{"text":"…’","paragraph_id":"para_238"},{"text":"The CMF","paragraph_id":"para_239"},{"text":"24","paragraph_id":"para_240"},{"text":"The first paragraph of Article L. 621‑10 of the Code monétaire et financier (Monetary and Financial Code), in the version applicable to the disputes in the main proceedings (‘the CMF’), provided:","paragraph_id":"para_241"},{"text":"‘Investigators and reviewers may, for the purposes of their investigation or review, be provided with all documents, whatever their format. Investigators may also be provided with the data retained and processed by telecommunications operators in the context of Article L. 34‑1 of [the CPCE] and the service providers referred to in point I(1) and (2) of Article 6 of the [LCEN] and obtain copies of those data.","paragraph_id":"para_242"},{"text":"…’","paragraph_id":"para_243"},{"text":"25","paragraph_id":"para_244"},{"text":"After drawing conclusions from the decision of 21 July 2017 of the Conseil constitutionnel (Constitutional Council, France) declaring unconstitutional the second sentence of the first paragraph of Article L. 621‑10 of the CMF, the legislature, by loi n o  2018-898, du 23 octobre 2018, relative à la …","paragraph_id":"para_245"},{"text":"‘For the purpose of investigating market abuse as defined by Regulation [No 596/2014], the investigators may be provided with the data retained and processed by telecommunications operators, subject to the conditions and within the limits laid down in Article L. 34‑1 of the [CPCE], and by the service providers referred to in point I(1) and (2) of Article 6 of the [LCEN].","paragraph_id":"para_246"},{"text":"Communication of the data mentioned in the first paragraph of this Article shall be the subject of prior authorisation by a reviewer of connection data requests.","paragraph_id":"para_247"},{"text":"The reviewer of connection data requests shall be, alternately, either an active or honorary member of the Conseil d’État (Council of State) elected by the General Assembly of the Conseil d’État (Council of State), then either an active or honorary judge of the Cour de cassation (Court of Cassation, …","paragraph_id":"para_248"},{"text":"…","paragraph_id":"para_249"},{"text":"The reviewer of connection data requests may not receive or request any instruction from the Autorité des marchés financiers (Financial Markets Authority, France) or from any other authority in the performance of his or her duties. He or she shall be bound by the obligation of professional secrecy subject to the conditions laid down in Article L. 621‑4 of this Code.","paragraph_id":"para_250"},{"text":"The matter shall be referred to him or her by reasoned request from the Secretary General or Deputy Secretary General of the Autorité des marchés financiers (Financial Markets Authority). The request shall contain information justifying its substance.","paragraph_id":"para_251"},{"text":"The authorisation shall be included in the investigation file.","paragraph_id":"para_252"},{"text":"The investigators shall use the data submitted by the telecommunications operators and service providers referred to in the first paragraph of this Article exclusively for the purposes of the investigation in the context of which they received the authorisation.","paragraph_id":"para_253"},{"text":"Connection data relating to acts which are the subject of notifications of objections by the Board of the Autorité des marchés financiers (Financial Markets Authority) shall be destroyed after a period of six months from the final decision of the Enforcement Committee or the appeal courts. In the case of an administrative settlement, the six-month period shall run from the date of execution of the agreement.","paragraph_id":"para_254"},{"text":"Connection data relating to acts which have not been the subject of a notification of objections by the Board of the Autorité des marchés financiers (Financial Markets Authority) shall be destroyed after a period of one month from the date of the decision of the Board.","paragraph_id":"para_255"},{"text":"In the event that the investigation report is sent to the procureur de la République financier (Financial Public Prosecutor, France) or the procureur de la République financier (Financial Public Prosecutor) brings a public prosecution …, the connection data shall be delivered to the procureur de la République financier (Financial Public Prosecutor) and shall not be retained by the Autorité des marchés financiers (Financial Markets Authority).","paragraph_id":"para_256"},{"text":"The detailed rules for the implementation of this Article shall be set out in a decree to be adopted following consultation of the Conseil d’État (Council of State).’","paragraph_id":"para_257"},{"text":"The disputes in the main proceedings, the questions referred for a preliminary ruling and the procedure before the Court","paragraph_id":"para_258"},{"text":"26","paragraph_id":"para_259"},{"text":"Further to an application made by the public prosecutor on 22 May 2014, a judicial investigation was launched into VD and SR in respect of acts constituting the offences of insider dealing and concealment of insider dealing. That investigation was subsequently extended, by a first supplementary application of 14 November 2014, to cover the offence of aiding and abetting.","paragraph_id":"para_260"},{"text":"27","paragraph_id":"para_261"},{"text":"On 23 and 25 September 2015, the Autorité des marchés financiers (Financial Markets Authority; ‘AMF’) sent to the investigating judge certain information available to it in the context of an investigation which it had carried out under Article L. 621-10 of the CMF, which included personal data from …","paragraph_id":"para_262"},{"text":"28","paragraph_id":"para_263"},{"text":"Further to that report issued by the AMF, the investigation was extended, by three supplementary applications of 29 September 2015, 22 December 2015 and 23 November 2016, to cover the offences of corruption and money laundering.","paragraph_id":"para_264"},{"text":"29","paragraph_id":"para_265"},{"text":"On 10 March and 29 May 2017 respectively, VD and SR were placed under investigation; the investigation in respect of VR related to the offences of insider dealing and money laundering, while the investigation in respect of SR related to the offence of insider dealing.","paragraph_id":"para_266"},{"text":"30","paragraph_id":"para_267"},{"text":"In so far as the investigation into them was based on the traffic data provided by the AMF, VD and SR each brought an action before the cour d’appel de Paris (Court of Appeal, Paris, France), relying, inter alia, on a plea alleging, in essence, infringement of Article 15(1) of Directive 2002/58, rea …","paragraph_id":"para_268"},{"text":"31","paragraph_id":"para_269"},{"text":"By two judgments of the cour d’appel de Paris (Court of Appeal, Paris) of 20 December 2018 and 7 March 2019, that court rejected the action brought by VD and SR. It is apparent from the information in the requests for a preliminary ruling that, when it rejected the plea alleging, in essence, infring …","paragraph_id":"para_270"},{"text":"32","paragraph_id":"para_271"},{"text":"VD and SR brought an appeal against those judgments before the referring court, raising a plea alleging infringement, inter alia, of the provisions of the Charter and Directive 2002/58 referred to in the preceding paragraph.","paragraph_id":"para_272"},{"text":"33","paragraph_id":"para_273"},{"text":"As regards access to the connection data, the referring court refers to a decision of the Conseil constitutionnel (Constitutional Council, France) of 21 July 2017, from which it is apparent that the procedure for accessing personal data retained by the AMF investigators, as provided for by French la …","paragraph_id":"para_274"},{"text":"34","paragraph_id":"para_275"},{"text":"The referring court also notes, first, that the Conseil constitutionnel (Constitutional Council) took the view that, in view of the ‘manifestly excessive’ consequences that immediate repeal of that provision might have for pending proceedings, it was necessary to defer the date of that repeal to 31 …","paragraph_id":"para_276"},{"text":"35","paragraph_id":"para_277"},{"text":"The referring court, while recalling the findings set out in paragraph 125 of the judgment of 21 December 2016, Tele2 Sverige and Watson and Others ( C‑203/15 and C‑698/15 , EU:C:2016:970 ), is of the opinion that, in view of the fact that the effects of the repeal of the second sentence of the firs …","paragraph_id":"para_278"},{"text":"36","paragraph_id":"para_279"},{"text":"In those circumstances, the only question that arises in that regard is whether it is possible to postpone the temporal effects of the repeal of Article L. 621-10 of the CMF, even though it does not comply with the Charter.","paragraph_id":"para_280"},{"text":"37","paragraph_id":"para_281"},{"text":"As regards the retention of connection data, the referring court states first of all that, although point II of Article L. 34‑1 of the CPCE lays down an obligation in principle, according to which operators providing electronic communications services must erase or make anonymous any traffic data, t …","paragraph_id":"para_282"},{"text":"38","paragraph_id":"para_283"},{"text":"It states, in that regard, that the five categories of data concerned in particular by the conditions laid down in point III of Article L. 34‑1 of the CPCE are those set out in Article R. 10-13 of the CPCE. Those connection data are generated or processed following a communication and relate to the circumstances of that communication and service users, but give no indication of the content of the communications concerned.","paragraph_id":"para_284"},{"text":"39","paragraph_id":"para_285"},{"text":"Next, the referring court makes reference to paragraph 112 of the judgment of 21 December 2016, Tele2 Sverige and Watson and Others ( C‑203/15 and C‑698/15 , EU:C:2016:970 ), according to which Article 15(1) of Directive 2002/58, read in the light of Articles 7, 8 and 11 and Article 52(1) of the Cha …","paragraph_id":"para_286"},{"text":"40","paragraph_id":"para_287"},{"text":"According to the referring court, the investigations carried out by the AMF satisfy the obligations imposed on the Member States by Article 12(2)(d) of Directive 2003/6 and Article 23(2)(g) and (h) of Regulation No 596/2014, read in the light of Article 1 of that regulation, including, in particular, the obligation to require existing data traffic records held by operators providing electronic communications services to be submitted.","paragraph_id":"para_288"},{"text":"41","paragraph_id":"para_289"},{"text":"In addition, that court, first, refers to recital 65 of that regulation and observes that those connection data constitute crucial, and sometimes the only, evidence to detect and prove the existence of insider dealing since they make it possible to establish the identity of a person responsible for the dissemination of false or misleading information or that persons have been in contact at a certain time.","paragraph_id":"para_290"},{"text":"42","paragraph_id":"para_291"},{"text":"Second, the referring court cites recital 66 of that regulation, from which it is apparent that the exercise of powers conferred on competent authorities in the field of finance may interfere with the right to respect for private and family life, home and communications and that, consequently, Membe …","paragraph_id":"para_292"},{"text":"43","paragraph_id":"para_293"},{"text":"The referring court also observes that, in the cases in the main proceedings, the inside information that may have constituted the substantive element of the unlawful market practices was essentially oral information that was secret.","paragraph_id":"para_294"},{"text":"44","paragraph_id":"para_295"},{"text":"In the light of the findings above, the referring court is uncertain how to reconcile Article 15(1) of Directive 2002/58, read in the light of Articles 7, 8 and 11 and Article 52(1) of the Charter with the requirements under Article 12(2)(d) of Directive 2003/6 and Article 23(2)(g) and (h) of Regulation No 596/2014.","paragraph_id":"para_296"},{"text":"45","paragraph_id":"para_297"},{"text":"Lastly, should the Court find that the legislation on the retention of the connection data at issue in the main proceedings does not comply with EU law, the question arises as to whether that legislation retains its effects provisionally, in order to avoid legal uncertainty and to allow the data previously collected and retained to be used for the purpose of detecting insider dealing and bringing criminal proceedings in respect of it.","paragraph_id":"para_298"},{"text":"46","paragraph_id":"para_299"},{"text":"In those circumstances, the Cour de cassation (Court of Cassation) decided to stay the proceedings and to refer the following questions, which are worded identically in Cases C‑399/20 and C‑397/20, to the Court of Justice for a preliminary ruling:","paragraph_id":"para_300"},{"text":"‘(1)","paragraph_id":"para_301"},{"text":"Do Article 12(2)(a) and (d) of Directive [2003/6] and Article 23(2)(g) and (h) of Regulation [No 596/2014], which replaced that directive from 3 July 2016, read in the light of recital 65 of that regulation, not imply that, account being taken of the covert nature of the information exchanged and th …","paragraph_id":"para_302"},{"text":"(2)","paragraph_id":"para_303"},{"text":"If the answer … [to the first question] is such as to prompt the Cour de cassation (Court of Cassation) to form the view that the French legislation on the retention of connection data is not consistent with EU law, could the effects of that legislation be temporarily maintained in order to avoid legal uncertainty and to enable data previously collected and retained to be used for one of the objectives of that legislation?","paragraph_id":"para_304"},{"text":"(3)","paragraph_id":"para_305"},{"text":"May a national court temporarily maintain the effects of legislation enabling the officials of an independent administrative authority responsible for investigating market abuse to obtain access to obtain connection data without prior review by a court or another independent administrative authority?’","paragraph_id":"para_306"},{"text":"47","paragraph_id":"para_307"},{"text":"By decision of the President of the Court of 17 September 2020, Cases C‑339/20 and C‑397/20 were joined for the purposes of the written and oral parts of the procedure and of the judgment.","paragraph_id":"para_308"},{"text":"48","paragraph_id":"para_309"},{"text":"On 21 April 2021, the Conseil d’État (Council of State, France) delivered the judgment in French Data Network and Others (No 393099, 394922, 397844, 397851, 424717, 424718), by which it ruled, inter alia, on the compatibility with EU law of certain national legislative provisions which are relevant to the disputes in the main proceedings, namely Article L. 34‑1 of the CPCE and Article R. 10‑13 of the CPCE.","paragraph_id":"para_310"},{"text":"49","paragraph_id":"para_311"},{"text":"At the Court’s invitation, the participants in the hearings in the present cases were given the opportunity to express their views on the effect, if any, of that judgment of the Conseil d’État (Council of State) on the present references for a preliminary ruling.","paragraph_id":"para_312"},{"text":"50","paragraph_id":"para_313"},{"text":"The representative of the French Government stated at that hearing that, by that judgment, the Conseil d’État (Council of State), in essence, declared unlawful the provisions implementing the general and indiscriminate retention of connection data for the purposes of fighting crime with the exceptio …","paragraph_id":"para_314"},{"text":"51","paragraph_id":"para_315"},{"text":"In that regard, the representative of the French Government explained that the Conseil d’État (Council of State) had rejected that objection in two stages. First, it is true that it acknowledged that the general and indiscriminate retention of the connection data was a decisive factor for the succes …","paragraph_id":"para_316"},{"text":"52","paragraph_id":"para_317"},{"text":"Furthermore, the representative of the French Government noted that, following the judgment of the Conseil d’État (Council of State) of 21 April 2021, French Data Network and Others (No 393099, 394922, 397844, 397851, 424717 and 424718), the national legislature had inserted point III bis into Article L. 34‑1 of the Post and Electronic Communications Code, as mentioned in paragraph 21 of the present judgment.","paragraph_id":"para_318"},{"text":"Consideration of the questions referred","paragraph_id":"para_319"},{"text":"Preliminary observations","paragraph_id":"para_320"},{"text":"53","paragraph_id":"para_321"},{"text":"In the first place, it should be noted that, after the present requests for a preliminary ruling had been lodged, the Conseil d’État (Council of State) delivered the judgment of 21 April 2021, French Data Network and Others (No 393099, 394922, 397844, 397851, 424717, 424718), concerning, inter alia, the compatibility with EU law of Article L. 34‑1 of the CPCE and Article R. 10‑13 of the CPCE.","paragraph_id":"para_322"},{"text":"54","paragraph_id":"para_323"},{"text":"As the Advocate General observed in point 42 of his Opinion, and as is also apparent from the explanations provided by the referring court, as set out in paragraphs 27, 37 and 38 above, those articles are ‘key provisions’ in the context of the application of Article L. 621‑10 of the CMF, which is at issue in the main proceedings.","paragraph_id":"para_324"},{"text":"55","paragraph_id":"para_325"},{"text":"At the hearing before the Court, after highlighting the legislative development of Article L. 34‑1 of the CPCE in response to the clarifications provided by the Court in the judgment of 6 October 2020, La Quadrature du Net and Others ( C‑511/18, C‑512/18 and C‑520/18 , EU:C:2020:791 ), as referred t …","paragraph_id":"para_326"},{"text":"56","paragraph_id":"para_327"},{"text":"According to settled case-law, in proceedings under Article 267 TFEU, it is solely for the national court before which the dispute has been brought, and which must assume responsibility for the subsequent judicial decision, to determine in the light of the particular circumstances of the case both t …","paragraph_id":"para_328"},{"text":"57","paragraph_id":"para_329"},{"text":"The Court may refuse to rule on a question referred for a preliminary ruling by a national court only where it is quite obvious that the interpretation of EU law that is sought bears no relation to the actual facts of the main action or its purpose, where the problem is hypothetical, or where the Co …","paragraph_id":"para_330"},{"text":"58","paragraph_id":"para_331"},{"text":"In the present case, it is apparent from the orders for reference that the first and third questions directly concern, not Article L. 34‑1 of the CPCE and Article R. 10‑13 of the CPCE, but Article L. 621‑10 of the CMF, pursuant to which the AMF asked operators providing electronic communications ser …","paragraph_id":"para_332"},{"text":"59","paragraph_id":"para_333"},{"text":"In addition, it should be noted that, by the second and third questions referred in the present cases, which are an extension of the first questions, the referring court asks, in essence, whether, in the event that the national legislation at issue relating to the retention of and access to connecti …","paragraph_id":"para_334"},{"text":"60","paragraph_id":"para_335"},{"text":"In the light of the considerations above, as well as those referred to by the Advocate General in points 44 to 47 of his Opinion, it must be held that, irrespective of the judgment of the Conseil d’État (Council of State) of 21 April 2021, French Data Network and Others (No 393099, 394922, 397844, 3 …","paragraph_id":"para_336"},{"text":"61","paragraph_id":"para_337"},{"text":"In the second place, it should be noted that, at the hearing before the Court, VD’s representative disputed the applicability ratione temporis of Regulation No 596/2014, claiming, in essence, that the facts at issue in the main proceedings had occurred before the entry into force of that regulation. Therefore, only the provisions of Directive 2003/6 are relevant for the purposes of examining the questions referred by the national court.","paragraph_id":"para_338"},{"text":"62","paragraph_id":"para_339"},{"text":"In that regard, it must be borne in mind that, according to settled case-law, a new rule of law applies from the entry into force of the act introducing it, and, while it does not apply to legal situations that have arisen and become final under the old law, it does apply to their future effects, an …","paragraph_id":"para_340"},{"text":"63","paragraph_id":"para_341"},{"text":"As has been pointed out in paragraphs 26 to 29 above, although the legal situations concerned by the cases in the main proceedings arose before the entry into force of Regulation No 596/2014, which repealed and replaced Directive 2003/6 with effect from 3 July 2016, the proceedings in the main proce …","paragraph_id":"para_342"},{"text":"64","paragraph_id":"para_343"},{"text":"It follows that the provisions of Regulation No 596/2014 are applicable in the present case. Moreover, there is no need to draw a distinction between the provisions referred to by the referring court resulting from Directive 2003/6 and Regulation No 596/2014, since their scope is essentially similar for the purposes of the interpretation which the Court will be required to give in the present cases.","paragraph_id":"para_344"},{"text":"The first question","paragraph_id":"para_345"},{"text":"65","paragraph_id":"para_346"},{"text":"By its first question, the referring court asks, in essence, whether Article 12(2)(a) and (d) of Directive 2003/6 and Article 23(2)(g) and (h) of Regulation No 596/2014, read in conjunction with Article 15(1) of Directive 2002/58, and in the light of Articles 7, 8 and 11 and Article 52(1) of the Cha …","paragraph_id":"para_347"},{"text":"66","paragraph_id":"para_348"},{"text":"The parties to the main proceedings and the interested parties that submitted written observations to the Court have expressed differing views in that regard. For the Estonian Government, for Ireland and for the Spanish and French Governments, Article 12(2)(a) and (d) of Directive 2003/6 and Article …","paragraph_id":"para_349"},{"text":"67","paragraph_id":"para_350"},{"text":"VD, SR, the Polish Government and the European Commission submit, on the other hand, that those provisions, in so far as they merely provide a framework for the power to require operators providing electronic communications services to send ‘existing’ traffic data records held by those operators, govern only the issue of access to those data.","paragraph_id":"para_351"},{"text":"68","paragraph_id":"para_352"},{"text":"In that regard, it should be noted, in the first place, that it is settled case-law that, in interpreting a provision of EU law, it is necessary not only to refer to its wording but also to consider its context and the objectives of the legislation of which it forms part, and in particular the origin of that legislation (see, to that effect, judgment of 17 April 2018, Egenberger, C‑414/16 , EU:C:2018:257 , paragraph  44 ).","paragraph_id":"para_353"},{"text":"69","paragraph_id":"para_354"},{"text":"As regards the wording of the provisions referred to in the first question, it should be noted that, while Article 12(2)(d) of Directive 2003/6 refers to the power of the competent financial authority to ‘require existing telephone and existing data traffic records’, Article 23(2)(g) and (h) of Regu …","paragraph_id":"para_355"},{"text":"70","paragraph_id":"para_356"},{"text":"It is clear from the wording of those provisions that they merely provide a framework for that authority’s power to ‘require’ the data available to those operators, which corresponds to access to those data. Furthermore, the reference made to ‘existing’ records, such as those ‘held’ by those operators, suggests that the EU legislature did not intend to lay down rules governing the option open to the national legislature to impose an obligation to retain such records.","paragraph_id":"para_357"},{"text":"71","paragraph_id":"para_358"},{"text":"In that regard, in accordance with settled case-law, an interpretation of a provision of EU law cannot have the result of depriving the clear and precise wording of that provision of all effectiveness. Thus, where the meaning of a provision of EU law is absolutely plain from its very wording, the Court cannot depart from that interpretation (judgment of 25 January 2022, VYSOČINA WIND, C‑181/20 , EU:C:2022:51 , paragraph  39 and the case-law cited).","paragraph_id":"para_359"},{"text":"72","paragraph_id":"para_360"},{"text":"The interpretation outlined in paragraph 70 above is supported both by the context of Article 12(2)(a) and (d) of Directive 2003/6 and Article 23(2)(g) and (h) of Regulation No 596/2014, and by the objectives pursued by the rules of which those provisions form part.","paragraph_id":"para_361"},{"text":"73","paragraph_id":"para_362"},{"text":"As regards the context of those provisions, it should be noted that, although, under Article 12(1) of Directive 2003/6 and Article 23(3) of Regulation No 596/2014, read in the light of recital 62 of that regulation, the EU legislature intended to require the Member States to take the necessary measu …","paragraph_id":"para_363"},{"text":"74","paragraph_id":"para_364"},{"text":"By Article 12(2) of Directive 2003/6 and Article 23(2) of Regulation No 596/2014, the EU legislature merely intended to grant to the competent financial authority, in order to ensure the effectiveness of its investigative and supervisory duties, ordinary powers of investigation, such as those enabli …","paragraph_id":"para_365"},{"text":"75","paragraph_id":"para_366"},{"text":"Furthermore, it is clear that the provisions of Regulation No 596/2014 which specifically govern the question of data retention, namely the final subparagraph of Article 11(5), the second subparagraph of Article 11(6), Article 11(8), Article 11(11)(c), the first subparagraph of Article 17(1), Articl …","paragraph_id":"para_367"},{"text":"76","paragraph_id":"para_368"},{"text":"As regards the objectives pursued by the legislation at issue, it must be observed that it is apparent, first, from recitals 2 and 12 of Directive 2003/6 and, second, from Article 1 of Regulation No 596/2014, read in the light of recitals 2 and 24 thereof, that the purpose of those instruments is to …","paragraph_id":"para_369"},{"text":"77","paragraph_id":"para_370"},{"text":"Although, according to recital 65 of Regulation No 596/2014, connection data records constitute crucial, and sometimes the only, evidence to detect and prove the existence of insider dealing and market manipulation, the fact remains that that recital makes reference only to records ‘held’ by operato …","paragraph_id":"para_371"},{"text":"78","paragraph_id":"para_372"},{"text":"In the light of the foregoing, it must be held that neither Directive 2003/6 nor Regulation No 596/2014 can be interpreted as capable of constituting the legal basis for a general obligation to retain the data traffic records held by operators providing electronic communications services for the purposes of exercising the powers conferred on the competent financial authority under Directive 2003/6 and Regulation No 596/2014.","paragraph_id":"para_373"},{"text":"79","paragraph_id":"para_374"},{"text":"In the second place, it should be borne in mind that, as the Advocate General noted, in essence, in points 53 and 61 of his Opinion, Directive 2002/58 is the measure of reference on the retention and, more generally, the processing of personal data in the electronic communications sector, which mean …","paragraph_id":"para_375"},{"text":"80","paragraph_id":"para_376"},{"text":"According to Article 1(1) of Directive 2002/58, that directive provides, inter alia, for the harmonisation of the national provisions required to ensure an equivalent level of protection of fundamental rights and freedoms, and in particular the right to privacy and confidentiality, with respect to the processing of personal data in the electronic communication sector, the latter of which also covers the telecommunications sector.","paragraph_id":"para_377"},{"text":"81","paragraph_id":"para_378"},{"text":"Moreover, it is apparent from Article 3 of that directive that it is to apply to the processing of personal data in connection with the provision of publicly available electronic communications services in public communications networks in the European Union, including public communications networks …","paragraph_id":"para_379"},{"text":"82","paragraph_id":"para_380"},{"text":"In the light of the foregoing, it must be held that, as the Advocate General submits, in essence, in points 62 and 63 of his Opinion, the assessment of the lawfulness of the processing of records held by operators providing electronic communications services, as provided for in Article 12(2)(d) of D …","paragraph_id":"para_381"},{"text":"83","paragraph_id":"para_382"},{"text":"That interpretation is borne out by Article 3(1)(27) of Regulation No 596/2014, in that it provides that, for the purposes of that regulation, traffic data records are those defined in point (b) of the second paragraph of Article 2 of Directive 2002/58.","paragraph_id":"para_383"},{"text":"84","paragraph_id":"para_384"},{"text":"In addition, according to recital 44 of Directive 2003/6 and recitals 66 and 77 of Regulation No 596/2014, the purposes of those instruments are to pursue the fundamental rights and principles enshrined in the Charter, including the right to privacy. In that regard, the EU legislature expressly stat …","paragraph_id":"para_385"},{"text":"85","paragraph_id":"para_386"},{"text":"Consequently, Article 12(2)(a) and (d) of Directive 2003/6 and Article 23(2)(g) and (h) of Regulation No 596/2014 must be interpreted as not authorising the general and indiscriminate retention of traffic and location data for the purpose of combating market abuse offences and, in particular, inside …","paragraph_id":"para_387"},{"text":"86","paragraph_id":"para_388"},{"text":"As regards the examination of whether such national legislation is compatible with those provisions, it must be borne in mind that, as is apparent, in essence, from a combined reading of paragraphs 53, 54 and 58 of the present judgment, although the provision at the heart of the present references f …","paragraph_id":"para_389"},{"text":"87","paragraph_id":"para_390"},{"text":"It is apparent from the explanations provided by the referring court, as summarised in paragraphs 27, 37 and 38 of the present judgment, that, first, the AMF investigators had collected the traffic data at issue on the basis of Article L. 34‑1 of the CPCE, in the version applicable to the disputes i …","paragraph_id":"para_391"},{"text":"88","paragraph_id":"para_392"},{"text":"Second, that court states that the five categories of data concerned by point III of Article L. 34‑1 of the CPCE, in the version applicable to the disputes in the main proceedings, were those listed in Article R. 10‑13 of the CPCE, namely (i) information identifying the user, (ii) data relating to t …","paragraph_id":"para_393"},{"text":"89","paragraph_id":"para_394"},{"text":"It follows that the legislation at issue in the main proceedings covers all means of telephone communications and applies to all users of such means, without distinction or exception. Furthermore, the data which must be retained by operators providing electronic communications services under that le …","paragraph_id":"para_395"},{"text":"90","paragraph_id":"para_396"},{"text":"Thus, although the data which must, under the national legislation at issue, be retained for a period of one year do not cover the content of the communications concerned, they make it possible, inter alia, to identify the person with whom the user of a means of telephone communication has communica …","paragraph_id":"para_397"},{"text":"91","paragraph_id":"para_398"},{"text":"As regards the objectives pursued, the purpose of the legislation at issue is, inter alia, the investigation, detection and prosecution of criminal offences, including those relating to market abuse such as insider dealing.","paragraph_id":"para_399"},{"text":"92","paragraph_id":"para_400"},{"text":"In the light of the factors set out in paragraphs 86 to 91 above, it must be held that, for the purposes, inter alia, of the investigation, detection and prosecution of criminal offences and the fight against crime, the national legislature provided, by the legislation at issue, for the general and indiscriminate retention of traffic data for one year from the day on which it was recorded.","paragraph_id":"para_401"},{"text":"93","paragraph_id":"para_402"},{"text":"It is apparent, in particular, from paragraphs 140 to 168 of the judgment of 6 October 2020, La Quadrature du Net and Others ( C‑511/18, C‑512/18 and C‑520/18 , EU:C:2020:791 ), and from paragraphs 59 to 101 of the judgment of 5 April 2022, Commissioner of An Garda Síochána and Others ( C‑140/20 , EU:C:2022:258 ), that such retention cannot be justified by such objectives under Article 15(1) of Directive 2002/58.","paragraph_id":"para_403"},{"text":"94","paragraph_id":"para_404"},{"text":"It follows that national legislation, such as that at issue in the main proceedings, which requires operators providing electronic communications services, as a preventive measure, in order to combat market abuse offences including insider dealing, to retain generally and indiscriminately the traffi …","paragraph_id":"para_405"},{"text":"95","paragraph_id":"para_406"},{"text":"In the light of the foregoing, the answer to the first question in Cases C‑339/20 and C‑397/20 is that Article 12(2)(a) and (d) of Directive 2003/6 and Article 23(2)(g) and (h) of Regulation No 596/2014, read in conjunction with Article 15(1) of Directive 2002/58, and in the light of Articles 7, 8 a …","paragraph_id":"para_407"},{"text":"The second and third questions","paragraph_id":"para_408"},{"text":"96","paragraph_id":"para_409"},{"text":"By its second and third questions in the present cases, which it is appropriate to examine together, the referring court asks, in essence, whether EU law must be interpreted as meaning that a national court may restrict the temporal effects of a declaration of invalidity, under national law, with re …","paragraph_id":"para_410"},{"text":"97","paragraph_id":"para_411"},{"text":"At the outset, it should be recalled that the principle of the primacy of EU law establishes the pre-eminence of EU law over the law of the Member States. That principle therefore requires all Member State bodies to give full effect to the various provisions of EU law, since the law of the Member St …","paragraph_id":"para_412"},{"text":"98","paragraph_id":"para_413"},{"text":"Only the Court may, in exceptional cases, on the basis of overriding considerations of legal certainty, allow the temporary suspension of the ousting effect of a rule of EU law with respect to national law that is contrary thereto. Such a restriction on the temporal effects of the interpretation of …","paragraph_id":"para_414"},{"text":"99","paragraph_id":"para_415"},{"text":"It is true that the Court has held, in a case concerning the lawfulness of measures adopted in breach of the obligation under EU law to conduct a prior assessment of the impact of a project on the environment and on a protected site, that if domestic law allows it, a national court may, by way of ex …","paragraph_id":"para_416"},{"text":"100","paragraph_id":"para_417"},{"text":"However, unlike a breach of a procedural obligation such as the prior assessment of the impact of a project in the specific field of environmental protection, a failure to comply with Article 15(1) of Directive 2002/58, read in the light of Articles 7, 8 and 11 and Article 52(1) of the Charter, cann …","paragraph_id":"para_418"},{"text":"101","paragraph_id":"para_419"},{"text":"Maintaining the effects of national legislation such as that at issue in the main proceedings would mean that the legislation would continue to impose on operators providing electronic communications services obligations which are contrary to EU law and which seriously interfere with the fundamental …","paragraph_id":"para_420"},{"text":"102","paragraph_id":"para_421"},{"text":"Therefore, the referring court cannot restrict the temporal effects of a declaration of invalidity which it is bound to make under national law in respect of the national legislation at issue in the main proceedings (see, by analogy, judgment of 5 April 2022, Commissioner of An Garda Síochána and Others, C‑140/20 , EU:C:2022:258 , paragraph  123 and the case-law cited).","paragraph_id":"para_422"},{"text":"103","paragraph_id":"para_423"},{"text":"In addition, it should be stated that a temporal restriction of the effects of the interpretation given was not imposed in the judgments of 21 December 2016, Tele2 Sverige and Watson and Others ( C‑203/15 and C‑698/15 , EU:C:2016:970 ), and of 6 October 2020, La Quadrature du Net and Others ( C‑511/ …","paragraph_id":"para_424"},{"text":"104","paragraph_id":"para_425"},{"text":"Lastly, in view of the fact that the referring court is ruling on applications requesting that evidence obtained from traffic data be declared inadmissible on the ground that the national provisions at issue are contrary to EU law, both as regards the retention of data and access to those data, it i …","paragraph_id":"para_426"},{"text":"105","paragraph_id":"para_427"},{"text":"In that regard, it is sufficient to refer to the Court’s case-law, in particular to the principles recalled in paragraphs 41 to 44 of the judgment of 2 March 2021, Prokuratuur (Conditions of access to data relating to electronic communications) ( C‑746/18 , EU:C:2021:152 ), from which it follows tha …","paragraph_id":"para_428"},{"text":"106","paragraph_id":"para_429"},{"text":"As regards the latter principle, it should be noted that it requires national criminal courts to disregard information and evidence obtained by means of the general and indiscriminate retention of traffic and location data in breach of EU law or by means of access of the competent authority to those …","paragraph_id":"para_430"},{"text":"107","paragraph_id":"para_431"},{"text":"In the light of the findings above, the answer to the second and third questions in the present cases is that EU law must be interpreted as precluding a national court from restricting the temporal effects of a declaration of invalidity which it is required to make, under national law, with respect …","paragraph_id":"para_432"},{"text":"Costs","paragraph_id":"para_433"},{"text":"108","paragraph_id":"para_434"},{"text":"Since these proceedings are, for the parties to the main proceedings, a step in the action pending before the national 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_435"},{"text":"On those grounds, the Court (Grand Chamber) hereby rules:","paragraph_id":"para_436"},{"text":"1.","paragraph_id":"para_437"},{"text":"Article 12(2)(a) and (d) of Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) and Article 23(2)(g) and (h) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on mar …","paragraph_id":"para_438"},{"text":"must be interpreted as precluding legislative measures which, as a preventive measure, in order to combat market abuse offences including insider dealing, provide for the general and indiscriminate retention of traffic data for a year from the date on which they were recorded.","paragraph_id":"para_439"},{"text":"2.","paragraph_id":"para_440"},{"text":"European Union law must be interpreted as precluding a national court from restricting the temporal effects of a declaration of invalidity which it is required to make, under national law, with respect to provisions of national law which, first, require operators providing electronic communications …","paragraph_id":"para_441"},{"text":"[Signatures]","paragraph_id":"para_442"},{"text":"(\n *1\n ) Language of the case: French.","paragraph_id":"para_443"}],"word_count":15347,"cites":["C-339/20","C-397/20","C-203/15","C-698/15","C-399/20","C-511/18","C-512/18","C-520/18","C-409/06","C-314/08","C-258/17","C-15/19","C-414/16","C-181/20","C-302/20","C-275/06","C-597/19","C-140/20","C-623/17","C-411/17","C-746/18"],"cited_by":[],"sha256":"ad478f53ccd097d4f284b559bf6d2881ec0c0c50bd85195acc481bc22b3ee923","source_url":"https://publications.europa.eu/resource/celex/62020CJ0339.ENG.xhtml.ECR_62020CJ0339_EN_01.html","fetched_at":"2026-09-30T13:39:07.983+00:00","canonical":"https://legal.exploreworldai.com/ai/judgments/eu/62020cj0339","risk_graph":"https://legal.exploreworldai.com/api/public/v1/risk?id=eu:62020cj0339","relations_graph":"https://legal.exploreworldai.com/api/public/v1/relations?id=eu:62020cj0339","changes":"https://legal.exploreworldai.com/api/public/v1/eu-praxis/changes","agent":"https://legal.exploreworldai.com/api/public/v1/eu-praxis/agent?id=eu:62020cj0339"},"hash":"sha256:7b8720237e94ea382e0cc042a64ee78a04f003516aa7edc2ed5e33954aecfbc5","version":"legal-2026-10-17","expires":"2026-10-18T00:00:00.000Z","dependency":{"index_version":"legal-2026-10-17+legal-2026-10-17+2026-10-17T17:42:33","content_hash":"sha256:7b8720237e94ea382e0cc042a64ee78a04f003516aa7edc2ed5e33954aecfbc5","revalidate_after":"2026-10-17T21:42:18.845Z","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:62020cj0339","follow":[{"rel":"risk","href":"https://legal.exploreworldai.com/api/public/v1/risk?id=eu:62020cj0339"},{"rel":"relations","href":"https://legal.exploreworldai.com/api/public/v1/relations?id=eu:62020cj0339"},{"rel":"agent","href":"https://legal.exploreworldai.com/api/public/v1/eu-praxis/agent?id=eu:62020cj0339"},{"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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