Professional secrecy of supervisory authorities under MiFID: No longer sacred?

Liebrich Hiemstra

Research output: Contribution to journalArticleScientificpeer-review


In the Baumeister judgment of 19 June 2018, the Court of Justice of the European Union (the “Court”) examines the meaning of “confidential information” from the point of view of MiFID. In answering questions referred for a preliminary ruling, the Court examines the criteria for the confidentiality of data. In addition, the Court states that information relating to a supervised entity and provided to a competent authority by such entity itself, does not necessarily qualify as confidential if a period of five years has elapsed. What is the consequence of this judgment for market participants that are subject to financial supervision?
Original languageEnglish
Pages (from-to)228-233
Number of pages6
JournalLaw and Financial Markets Review
Issue number4
Early online date11 Jul 2019
Publication statusPublished - 2019


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