Abstract
The relationship between financial supervision and criminal law investigations is complex. How it is given shape exactly, differs from one country to another. National differences may have an impact on transnational cooperation. Whereas in transnational cases requests for mutual administrative assistance are necessary for administrative law purposes, for criminal law enforcement purposes requests for mutual assistance in criminal matters are needed. Do these different regimes for transnational cooperation pay due respect to national differences in law enforcement? To answer this question, the legal systems of Germany and the Netherlands are explored against the background of the EC Market Abuse Directive. Some alternatives for the current interstate practice are subsequently explored.
Highlights
In the European Community, the practical implementation and legal enforcement of many Community matters is in the hands of the Member States
Whereas in transnational cases requests for mutual administrative assistance are necessary for administrative law purposes, for criminal law enforcement purposes requests for mutual assistance in criminal matters are needed
Does this distinction between mutual administrative assistance and mutual assistance in criminal matters pay due respect to differences in national law enforcement in the field of insider dealing? There is ample reason for exploring this question, that the European Court of Justice has recently recognized the competence of the Community to prescribe, subject to certain conditions, criminal sanctions as mandatory for violations of Community law.[5]
Summary
In the European Community, the practical implementation and legal enforcement of many Community matters is in the hands of the Member States. Administrative law enforcement (financial supervision) and criminal law enforcement are often closely related How this relationship is given shape exactly, differs from one country to another. It should not be ruled out that it will make use of this power in practice.[6] this will have consequences for the relationship between the administrative on the one hand and the Public Prosecution Service and the criminal courts on the other This will have an effect on international cooperation. An additional issue that arises here is whether and, if so, to what extent harmonization of national laws is necessary for improving transnational cooperation In this respect, I will discuss the possible consequences of Case C-176/03 for the topic in hand.
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