The Criminal Prosecution of Market Abuse: More Efficiency and Fewer Rights

Abstract

After Directive 2014/65/EU and Regulation (EU) No. 596/2014 of the European Parliament and of the Council of April 16 came into force, access to telephone records, data traffic, recordings of telephone conversations and electronic communications registered and stored by investment entities constitute measures aimed at guaranteeing market integrity, as repeatedly stated by European regulations and the Spanish transposition regulation. The truth, however, is that they have a more specific objective, which is to facilitate the prosecution and punishment of market abuse infringements. As will be shown in this paper, such recordings have a direct impact on the fundamental rights of the entities' employees, such as the personal and family privacy laid down in art. 18.1 SC, data protection 18.4 SC or the secrecy of communications art. 18.2, and therefore, the limitations imposed require compliance with certain assumptions.