Facts
The French Stock Exchange Commission (COB) requested administrative assistance from the Federal Banking Commission (FBC) due to suspicious transactions in the securities of the company Flammarion. The FBC transmitted information to the COB without following the procedure provided for by the law on financial markets. The independent asset manager, Mr. X., filed an appeal against the FBC's decision, arguing that his rights had been violated.
The facts are as follows: the COB requested information from the FBC about transactions in the securities of the company Flammarion, suspected of being related to insider trading. The FBC transmitted information to the COB without following the procedure provided for by the law on financial markets, in particular with regard to customer-related information. Mr. X., an independent asset manager, filed an appeal against the FBC's decision, arguing that his rights had been violated.
Considerations
The Federal Court examined the admissibility of the appeal and considered that the appeal was admissible, as Mr. X. had a legitimate interest in challenging the FBC's decision. The Federal Court then examined the question of whether the information transmitted by the FBC to the COB was institution-related or customer-related. It considered that the information concerning Mr. X. was customer-related, as it concerned his activity as an independent asset manager and not his activity as an organ or employee of a bank or securities dealer.
The Federal Court also examined the question of whether the FBC had violated the rules of administrative procedure by transmitting information to the COB without following the procedure provided for by the law on financial markets. It considered that the FBC had violated the rules of administrative procedure, as it had not followed the procedure provided for by the law on…