The case law of the European Court of Human Rights and its consequences on financial markets supervision

The decision of the European Court of Human Rights in Grande Stevens et al. v. Italy will likely become an oft-mentioned touchstone on the consequences of human rights protection on the enforcement of financial markets law. The Court’s ruling sets out some important principles in two fundamental areas:

• First, it clarifies to what extent administrative procedures are bound by the fair trail provisions of the European Convention on Human Rights (ECHR) (Art. 6) when sanctions are applied that – albeit administrative in form – are criminal in substance.
  
• Second, the decision lays some limits to the joint application of criminal and (formally) administrative sanctions in the light of the ne bis in idem clause set forth by Art. 4, Protocol 7, ECHR.

Grande Stevens will inevitably influence the future application of the new EU market abuse regime, which provides for both criminal and administrative sanctions. The Conference will gather scholars and practitioners in order to discuss such implications.

The Conference will take place on 5 February 2015, at the Max Planck Institute Luxembourg premises.

To see the program of the even, please click here.

To register, please send an email to registration@mpi.lu.