Pending case on the compatibility with EU law of French legislation on the retention of connection data relevant for market abuse investigations
Two requests for a preliminary ruling (C-339/20 and C-397/20) from the French Court of Cassation (Cour de cassation) have been published. The questions concern the interpretation of several provisions of the Market Abuse Directive 2003/6 as well as of the Market Abuse Regulation 596/2014.
The referring court asks, firstly, whether Article 12(2)(a) and (d) of Directive 2003/6 and Article 23(2)(g) and (h) of the Market Abuse Regulation mean that Member States must be able to require electronic communications operators to retain connection data on a temporary but general basis. It asks this in the particular case where the purpose of such retention would be to enable a competent administrative authority that suspects insider dealing