Die Insiderinformation bei Unvorhersehbarkeit der Richtung der Kursauswirkung

'Inside Information in the Event of Unpredictability of the Direction of Stock Price Impact'

The study analyzes the Lafonta judgement of the European Court of Justice and thus the question of whether an inside information requires that the direction of the potential effect on the prices of the financial instruments concerned can be predicted when the information becomes publicly known. Taking into account economic and comparative legal aspects, the author draws conclusions on the element of stock market price specificity and the reasonable investor test.