21The first point to note is that, according to recitals 2 and 12 to Directive 2003/6, the purpose of that directive is to protect the integrity of the EU financial markets and to enhance investor confidence in those markets. That confidence depends on, inter alia, investors being placed on an equal footing and protected against the improper use of insider information (see, to that effect, judgments in Spector Photo Group and Van Raemdonck, C‑45/08, EU:C:2009:806, paragraph 47; IMC Securities, C‑445/09, EU:C:2011:459, paragraph 27; and Geltl, C‑19/11, EU:C:2012:397, paragraph 33).
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