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CJEU Case C-358/16 / Opinion

UBS Europe SE and Alain Hondequin and Others v DV and Others

Policy area:
Economic and monetary affairs
Deciding Body type:
Court of Justice of the European Union
Deciding Body:
Advocate General
Type:
Opinion
Decision date:
26/07/2018

Key facts of the case:

Reference for a preliminary ruling — Directive 2004/39/EC — Article 54(1) and (3) — Access to information in judicial proceedings against a decision of the national financial supervisory authority — Professional secrecy — Exception for cases covered by criminal law — Right to good administration — Right to effective judicial protection

Outcome of the case:

In light of the foregoing, I propose that the Court’s answer to the request for a preliminary ruling from the Cour administrative (Administrative Court of Appeal) should be as follows:

  1. The expression ‘cases covered by criminal law’ in Article 54(1) and (3) of Directive 2004/39 does not cover situations where a national supervisory authority finds that a person is not trustworthy and thus not suitable to exercise a management function in an undertaking supervised by it and orders him to resign from the relevant posts.
  2. The competent supervisory authority may refuse to divulge potentially exculpatory, confidential information to the addressee of a decision by which it finds, in relation to him, that he is no longer trustworthy and thus not suitable to exercise a management function in an undertaking supervised by it and must therefore resign from the relevant posts, relying on professional secrecy under Article 54(1) of Directive 2004/39, where none of the exceptions laid down in Article 54 of the directive are applicable and the rights of defence of the addressee of the measure can be protected by other means.