33It should be borne in mind that the definition of ‘inside information’ under Article 1(1) of Directive 2003/6 comprises four essential elements: (i) the information must be of a precise nature; (ii) the information must not have been made public; (iii) it must relate, directly or indirectly, to one or more financial instruments or their issuers; and (iv) it must be information which, if it were made public, would be likely to have a significant effect on the prices of those financial instruments or on the price of related derivative financial instruments (judgment of 11 March 2015, Lafonta, C‑628/13, EU:C:2015:162, paragraph 24 and the case-law cited).
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