Article L. 465-3 of the CMF makes it an offense for an individual to communicate to a third party information that they know is privileged, unless they can prove that the communication is in the normal course of their profession or functions.

The communication must have been made outside the scope of the individual’s profession or functions.

The offense is committed even when the communication is part of a market survey carried out in accordance with Article 11(1) to (8) of the MAR Regulation.

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