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?

中文翻译：

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MiFID 监管机构的职业保密：不再神圣？

在 2018 年 6 月 19 日的 Baumeister 判决中，欧盟法院（“法院”）从 MiFID 的角度审查了“机密信息”的含义。在回答初步裁决所涉及的问题时，法院会审查数据保密性的标准。此外，法院指出，与受监管实体有关并由该实体本身提供给主管当局的信息，如果五年时间已经过去，则不一定具有保密资格。这一判断对受金融监管的市场参与者有何后果？