Completing Europe’s
Capital Markets Union
The Case for a European Capital Markets Code
Next milestone: Draft Code expected in autumn 2026
|
Next milestone: Draft Code expected in autumn 2026 |
Project
European Capital Markets Code
The European Capital Markets Code (ECMC) is a research project dedicated to the development of a coherent and systematic framework for European capital markets law. Its objective is to bring together the fragmented body of EU capital markets legislation into a single, accessible, and consistent code, thereby improving legal certainty, reducing complexity, and facilitating the application of the law.
People
The project is led by Prof. Dr. Rüdiger Veil and conducted by an international research group of scholars from across Europe.
The group brings together 27 researchers from 12 countries, combining expertise in capital markets law, corporate law, financial regulation and European legal integration.
Publications
The project has resulted in a two-book series published by Oxford University Press. Together, they examine the foundations, structure and key subject areas of a possible European Capital Markets Code.
Volume I
Fundamentals of a European Code
EXPLORES codification as a means of achieving a true single EU market for capital
ANALYSES the current EU capital markets regime and the role of private enforcement
PROPOSES reform for market abuse and corporate disclosure regulation
CONSIDERS the significance of investor protection and sustainability
Volume II
Market Conduct and Corporate Disclosure in a European Code
PROPOSES to simplify insider trading law, market manipulation prohibition and short selling disclosure
DISCUSSES a reform of disclosure of inside information and directors' dealings
INVESTIGATES an integrated corporate disclosure and harmonization of public takeover law
PROPOSES harmonization of prospectus civil liability
News
Follow the development of the project, including conferences, workshops, policy presentations, recent publications and further milestones.