The fifth section of the Supreme Court has recently outlined the application boundaries of the offences of obstructing the functions of supervision, set forth under Article 2638 of the Civil Code, as well as of market abuse, provided by Article 185 of CFA.
Accordingly, the former is a so-called “event crime”, committed when an obstruction of supervisory functions takes place and completed when an actual and significant damage occurs, which derives from an active or omissive conduct consisting in the failure to provide information to the competent supervisory authorities.
Conversely, the latter, which protects the integrity of the financial market and the investor, is deemed as a “crime of conduct” and “actual danger”, consummated when the conduct is capable of producing an alteration in the price of financial instruments.
Supreme Court, criminal section V, decision of 4 May 2022, no. 17789