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ARTICLE · 16 APRIL 2026

"Accessible" Does Not Mean "Public" When It Comes To Inside Information

A&O Shearman
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The European Court of Justice has ruled on a critical question in securities law: when does inside information cease to be inside information? In Brännelius (C-229/24)...

NetherlandsCorporate/Commercial Law
Iradj Nazaryar
Iradj Nazaryar
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If you work in capital markets, compliance or securities law, this one matters. On 16 April 2026, the European Court of Justice ruled in Brännelius (C-229/24) on a deceptively simple question with far-reaching implications: when exactly does inside information stop being inside information?

Here's what happened: A Swedish municipal company told a handful of bidders they'd lost a public contract. Two shareholders in the losing company caught wind through a tip and sold their shares — minutes before a press release tanked the stock price. Their defense? The information was already "public" under Sweden's open-access laws.

The Court wasn't buying it. Three critical takeaways:

  • Telling a small group doesn't make it public. Notifying a limited circle of recipients is not non-discriminatory disclosure.

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