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Anjum Shabbir
Anjum Shabbir
15th September 2021
Banking & Finance Human Rights Internal Market Justice & Litigation

Op-Ed: “Defendants’ right to be heard vs. finality of administrative offence findings – the Court of Justice’s judgments in FN and Adler” by Allison Östlund

On 9th September 2021, the Court of Justice delivered two preliminary rulings relating to the national imposition of fines for breaches of procedures for acquiring majority shareholding pursuant to the Takeover Bids Directive 2004/25 and the Transparency Directive 2004/109. Both cases stemmed from preliminary references made by the Austrian Federal Administrative Court (Bundesverwaltungsgericht) and concerned Austrian procedures for enforcing the public EU-based legislation at issue against a formation of individual corporate defendants.

In the first ruling, Adler and Others (C-605/18), the Court of Justice found that since the Austrian Financial Markets Authority was not designated and mandated in compliance with the Takeover Bid


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