On 22 May 2014, a judicial investigation was opened against Mr. T. concerning allegations of insider trading and receiving stolen goods. This investigation was broadened to include insider trading and complicity and concealment of such offences. Following a report made on 23 and 25 September 2015 by the Secretary General of the Financial Markets Authority (Autorité des marchés financiers - AMF), accompanied by the communication of documents from an investigation by this independent public authority, including personal data relating to the use of telephone lines, the investigation was broadened under the same classifications and those of complicity, corruption and money laundering. On March 10, 2017, Mr. T. was indicted on charges of insider trading and money laundering. On 5 September 2017, Mr. T filed an application for the annulment of the procedural steps. The Court of Cassation examined an appeal by Mr T. against the order issued by the investigating chamber of the Paris Court of Appeal on 20 December 2018.

 

Does the ability of AMF investigators to obtain login data without prior authorisation from a court or other independent administrative authority comply with the requirements of the Charter of Fundamental Rights of the European Union?

 

Since, in addition to the question of access to connection data, there was also a question on the retention of connection data and, according to the Court of Cassation, the existing case law did not appear to provide the necessary insight, it was decided to send a preliminary question to the Court of Justice asking whether the French legislation on the retention of connection data complies with European Union law. With regard to the Monetary and Financial Code, the Court concluded that Article L. 621-1 did not comply with the requirements set out in Articles 7, 8 and 11 of the Charter of Fundamental Rights of the European Union.