Judgment_paragraph 38 · M. A v Autorité des marchés financiers (C-302/20)

38As regards that second condition, it follows from the Court’s case-law that, according to the meaning generally given to the terms used in Article 1(1) of Directive 2003/124, the information must be sufficiently exact or specific to constitute a basis on which to assess whether the set of circumstances or the event mentioned in that information, as described in paragraph 36 above, is likely to have an effect on the price of the financial instruments to which it relates. Consequently, according to the Court, the only information excluded from the concept of ‘inside information’ by virtue of that provision is ‘information that is vague or general, from which it is impossible to draw a conclusion as regards its possible effect on the prices of the financial instruments concerned’ (judgment of 11 March 2015, Lafonta, C‑628/13, EU:C:2015:162, paragraph 31).