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The article asserts that the decision of the European Court of Justice (ECJ) in the Georgakis case is still valid under the Market Abuse Directive (MAD). The authorities in Greece discovered after a stock market crisis in November 1996 that the Georgakis group had carried out transactions between themselves in the listed companies Parnassos and Aremke. In his opinion on the Georgakis case Advocate General Mengozzi noted that the case was to be decided under the Insider Dealing Directive (IDD) and not the MAD.