Judgment_paragraph 43 · M. A v Autorité des marchés financiers (C-302/20)

43To do so would, moreover, be contrary to the objective of Directive 2003/6, which is, as is apparent from recitals 2 and 12 thereof, to protect the integrity of EU financial markets and to enhance investor confidence in those markets, a confidence which depends, inter alia, on investors being placed on an equal footing and being protected against the improper use of inside information (judgment of 11 March 2015, Lafonta, C‑628/13, EU:C:2015:162, paragraph 21 and the case-law cited). Thus, the purpose of the prohibition laid down by Article 2(1) of Directive 2003/6 is to ensure equality between the contracting parties in stock-market transactions by preventing one of them who possesses inside information and who is, therefore, in an advantageous position vis-à-vis other investors, from profiting from that information, to the detriment of those who are unaware of it (judgment of 23 December 2009, Spector Photo Group and Van Raemdonck, C‑45/08, EU:C:2009:806, paragraph 48 and the case-law cited).