Facts
The French Stock Exchange Commission (COB) has opened an investigation to ensure that the transactions carried out prior to the conclusion of a purchase agreement for company [D. SA] by company B. AG were not made in violation of the French legal and regulatory provisions relating to the use of inside information. The COB has requested the assistance of the Swiss Federal Banking Commission (SFBC) to obtain information on the identity of the client(s) of bank E. in Geneva on whose behalf the purchase of [D.] securities was made on September 12, 1997, as well as the reasons for this acquisition and the date and price of the sale of the securities.Considerations
The SFBC considered that the COB is a financial markets supervisory authority within the meaning of Art. 38 para. 2 SESTA to which administrative assistance can be granted, and that the confidentiality requirement imposed by this provision is also met. The COB's request respects the principle of proportionality, as it has sufficient elements to suspect the existence of insider trading. However, the SFBC had to cancel the part of its decision authorizing the transmission of information to the French criminal authorities, as the…