MARKET MANIPULATION - In the case of Grande Stevens and Others v. Italy
the European Court of Human Rights held that persons responsible for market
manipulation ought not to have been deprived of a public hearing or prosecuted
twice for the same offence. The case concerned the applicants’ appeal
against the administrative penalty imposed on them by the Italian Companies and
Stock Exchange Commission (hereafter “Consob2”) and the criminal proceedings to
which they are currently subject after having been accused of market
manipulation in the context of a financial operation involving the car
manufacturer FIAT. According to the Court, although the procedure before Consob
had not fully satisfied the requirements of fairness and impartiality, the
applicants had nonetheless benefited from subsequent review by a judicial body
with full jurisdiction. However, the latter court had not held a public
hearing, which would have been necessary in this case. For his part, Mr Grande
Stevens had been informed in good time of the accusation against him and had
had adequate time to prepare his own defence or to be represented by a lawyer
of his own choosing. Moreover, although they were severe, the sanctions imposed on
the applicants pursued an aim that was in the general interest – namely
guaranteeing the integrity of the financial markets and maintaining public
confidence in the security
of transactions – and did not appear disproportionate to the conduct with which
they were charged.
However, the new criminal proceedings against Mr Gabietti and Mr Grande Stevens
concerned offences involving identical facts to those for which they had been
finally convicted, and ought consequently to be closed as rapidly as possible.
JOURNALISTS - In Dilipak and Karakaya v. Turkey
the Court held that Fairness of proceedings must be guaranteed in order to
protect the competing interests of freedom of expression and the rights of
others. The case concerned a judgment against two journalists, after
hearings in their absence, for having written articles that were considered
offensive towards a high-ranking dignitary of the army. The Court found that Mr
Dilipak and Mr Karakaya had not been given the opportunity to participate in
the civil proceedings against them or to defend their interests. It observed
that the articles in question
were part of a debate on the political role of the army and that the remarks of
the two journalists
clearly fell within a matter of general interest. Lastly, the particularly
significant award of damages
against the two journalists was a sanction that would be likely to have a
chilling effect not only on the applicants themselves but on all journalists.
NOT IMPARTIAL - A decision taken by judges of the Turkish Supreme
Administrative Court in proceedings in which they had previously participated
was not impartial. That’s the outcome of the case of Fazli Aslaner v. Turkey. The
Court found that the general assembly of the Administrative Proceedings
Divisions of the Supreme Administrative Court, as it had been composed in this
case, could not be considered impartial, given that certain judges had
previously taken a position on the issue to be decided.
Texts build on the press releases of the European Court of Human Rights.
This selection covers categories 1 and 2 judgments.
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