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Capital Markets Law and Data Regulation in the EU

Edited by: Matteo Gargantini, Sergio Gilotta, Michele Siri

ISBN13: 9781035391950
To be Published: December 2026
Publisher: Edward Elgar Publishing Limited
Country of Publication: UK
Format: Hardback
Price: £215.00





This authoritative book provides a thorough overview of the role of data and its governance in capital markets regulation. Leading experts demonstrate how proper data regulation contributes to the development of the European Savings and Investments Union (SIU) by enhancing regulatory efficiency and supporting effective enforcement.

Key Features:

  • Sets out how financial service providers use data to profile clients and financial products
  • Explores the legal framework for data vending by trading venues
  • Analyses the Capital Markets Union and SIU as tools for creating an integrated European capital market
  • Proposes that the creation of efficient data spaces in the EU will prove to be pivotal in advancing a unified capital market
  • Evaluates the implications of data regulation across issuer regulation, trading venues, financial intermediation, supervision and judicial adjudication in financial law disputes

Capital Markets Law and Data Regulation in the EU is a vital resource for legal practitioners and other professionals in the field of financial law and technology. Financial supervisors and EU policymakers will also benefit from its practice-oriented recommendations.

Subjects:
Banking and Finance
Contents:
1. European capital markets integration beyond regulatory harmonisation: the role of data governance 1
Matteo Gargantini
2. The Digital Finance Strategy and the CMU: the centrality of data 24
Eugenia Macchiavello
3. The European Single Access Point: a public data space for regulated information 50
Federica Cameli and Alessandro Pomelli
4. Structured data and capital markets integration 74
Eduardo J. Moral Prieto
5. Reliable data for sustainable finance: fixing the information supply chain 93
Sergio Gilotta, Luca Orciani, Francesco Vella and Federico Casolari
6. An EU National Market System? Pre- and post-trade transparency in the CMU 118
Apostolos Thomadakis
7. Transaction reporting and publication obligations under MiFIR and EMIR: are they fit for purpose? 146
Peter Krüger Andersen
8. Governance of order book data: the cross-market order book surveillance (CMOBS) mechanism 166
Chiara Rossetti and Sergio Gilotta
9. “Ich kann’s nicht fassen, nicht glauben”: markets’ datafication and SupTech (with a focus on market abuse) 189
Filippo Annunziata
10. Data regulation and conduct of business rules in client-facing automated investment services 213
Riccardo Ghetti
11. The protection of retail clients through the benchmarking of costs and performance 226
Barbara Alemanni and Michele Siri
12. Retail investor data sharing in the EU: enhancing investor protection and capital markets integration 246
Florence De Houwer and Veerle Colaert
13. The EU open finance proposal: towards higher integration of capital markets? 270
Eugerta Muçi and Irene Tagliamonte
14. GDPR and the evolution of digital finance: fostering or curbing capital markets integration? 291
Valentina Di Gregorio and Matteo Turci
15. The broadening scope of financial regulation: digital operational resilience and cloud computing 318
Leonardo Giani and Andrea Vetrone
16. Data governance models in the context of the AML/CFT framework: an analysis of customer due diligence 341
Andrea Minto
17. SupTech data-driven financial supervision in the EU: addressing institutional, semantic and technical barriers 359
Agnieszka Smoleńska, Giulia Ferraris, Martina Menegat and Malena Calissano
18. The circulation of information among NCAs and ESAs: the case of prospectuses 382
Stefan Euijen and Miroslava Scholten
19. The circulation of information between national competent authorities and courts 403
Giorgio Afferni and Edoardo Grossule
20. Judicial dialogue and the convergence of private enforcement: a missing link in European markets integration? 419
Marnix Wallinga
21. Natural language processing: can it support the creation of a truly European case law on capital markets? 443
Ignazio Gabriele Gucciardo
22. A European market for financial information? Some implications of data as “the new oil” 463
Matteo Gargantini and Michele Siri
23. The role of data in capital markets integration: beyond top-down legal harmonisation 481
Matteo Gargantini, Sergio Gilotta and Michele Siri