Abstract

The judgment of the European Court of Justice ("CJEU") in Case C-15/16 Bundesanstalt für Finanzdienstleistungsaufsicht v Ewald Baumeister clarifies the definition of "confidential information" within the context of the Directive on markets in financial instruments ("MiFID"). Specifically, the case sets out a list of criteria that national financial regulators must consider to determine whether the information they hold regarding the entities they supervise may be disclosed to third parties. This judgment has implications beyond the financial sector, because national and ...