Facts
On 11 August 1999, a merger project between companies B., C. and the French company D. was announced. During the days preceding this announcement, the price of D.'s shares increased by approximately 16%. The French Stock Exchange Commission (COB) opened an investigation to ensure that transactions involving D.'s securities had not been carried out in conditions contrary to legal and regulatory provisions.
The COB requested the assistance of the Federal Banking Commission to obtain information from company E. in Zurich regarding the acquisition of D.'s options and shares between 2 July and 6 August 1999. The Federal Commission granted international administrative assistance to the COB, authorizing the transmission of information and documents related to the case.
The appellant, X., requested the annulment of the Federal Commission's decision, arguing that the COB's request for assistance violated the principle of proportionality and exceeded its discretionary power.
Considerations
The Court examined whether the conditions for granting international administrative assistance were met. It found that the COB met the confidentiality requirement and that the request for assistance respected the principle of proportionality.
The Court also examined the so-called « long arm » principle and considered that the COB's commitment to « best efforts » was sufficient to ensure that the transmitted information would not be used…