L’abuso di informazioni privilegiate tra doppio binario sanzionatorio e insider di sé stesso: un delitto in cerca d’autore

Starting from the Cremonini case, decided by the Italian Supreme Court of Cassation in 2021, the Author analyzes the main problems related to the crime of insider trading. First, is taken into account the bis in idem issue, which – even after very famous decisions pronounced by the European Court of Human Rights and the European Court of Justice – still represent an interesting topic in the debate on market abuses, involving not only the prohibition against double jeopardy but also, under a different point of view, the application of fundamental rights and guarantees of the criminal matter to administrative sanctions and proceedings. The paper also deals with the problem of the so called “insider of itself”, which regards its criminal relevance and its precise definition before and after the enactment of the Market Abuse Regulation (Reg. No. 2014/596, “MAR”). The Author also focuses on the important role of the national Courts in adapting, by means of their judgments, the legislation to the constitutional and supranational principles of criminal law.