People
An international research group developing a European Capital Markets Code
Research group
The ECMC project is conducted by a research group of 27 scholars from 12 European countries with expertise in capital markets law, corporate law, financial regulation and European legal integration.
Prof. Dr. Rüdiger Veil
Initiator / Project Lead – GermanyRüdiger Veil holds the Chair of Civil Law and Business Law at Ludwig-Maximilians-Universität München and serves as Director of the Munich Center for Capital Markets Law (MuCCL). His research focuses on corporate law, capital markets law and European financial regulation. He has published extensively in these fields and has acted as an expert for the German, European, Chinese and Russian parliaments on legislative projects relating to corporate and capital markets law.
Since 2012, he has been a member of the Arbeitskreis Finanzmarktgesetzgebung, an expert group advising the German Federal Ministry of Finance on financial market legislation. He is also an Academic Fellow of the European Banking Institute (EBI).
From 2014 to 2018, he was a member of ESMA’s Securities and Markets Stakeholder Group (SMSG), serving as its Chair from September 2016 to December 2018. In 2021, ESMA appointed him as an Alternate Member of the ESA Joint Board of Appeal.
In addition to his academic activities, Rüdiger Veil serves in a part-time judicial capacity as a judge at the Commercial Court of the Higher Regional Court of Munich (Oberlandesgericht München).
Prof. Dr. Matthias Casper
Project Contributor – GermanyMatthias Casper is the Director of the Institute of Company Law and Law of Capital Markets at the University of Muenster. His research focusses on the law of securities, corporate finance law, as well as payment transactions law. Since 2026 he is one of the founding members of the DFG Research unit 5906 “Legal and Social Consequences of Machine Decision-Making” and responsible for the project “Corporate Law Between Anthropocentrism and the Autonomous AI-Corporation – How Much AI Can a Company Handle?”. Between 2009 and 2024 he was Member of "Religion and Politics" - Cluster of Excellence at the University of Muenster with a Project on Islamic Finance. Between 2020 and 2022 he served his faculty as dean in pandemic times. Since 2012 he is together with Axel and Rüdiger Member of the Study Group Financial Regulation at the Ministry of Finance, Berlin - actually working on the shares of the hopefully coming EU Inc. Since 2006 he is also Co-Editor of the Journal of Banking Law and Banking (ZBB/JBB).
Prof. dr. Veerle Colaert
Project Contributor – BelgiumProf. dr. Veerle Colaert holds the chair of financial law at KU Leuven University and is co-director of the Jan Ronse Institute for Company and Financial Law. She is a visiting professor at the Universities of Luxembourg and Hasselt and has previously held visiting appointments at LMU Munich, Radboud University Nijmegen, and the University of Genoa. She is a member of the Belgian Resolution Board, the European Banking Institute, the steering committee of the Jean Monnet Centre of Excellence on EU Sustainable Finance and Law, the editorial board of TRV-RPS, and the scientific committee of AEDBF Belgium. She chaired ESMA’s Securities and Markets Stakeholder Group from 2019 to 2024, after having served as a member since 2016. She also served on the Sanctions Commission of the Belgian Financial Services and Markets Authority from 2016 to 2019. Before joining academia, she was an attorney at the Brussels Bar from 2000 to 2005.
She teaches several courses on financial regulation and organises quarterly “Clinics on European Financial Law” for LL.M students and legal practitioners on current issues in financial law.
She has published numerous contributions on financial regulation and is a regular speaker at international and national conferences. Her main research interests include investor protection, sustainable finance, Banking Union, and the interplay between different legal frameworks.
Dr. Azur Coulmas
Project Contributor – GermanyAzur Coulmas is senior research fellow at the Chair of Civil Law and Business Law of Prof. Dr. Rüdiger Veil at Ludwig-Maximilians-Universität Munich. Her research focuses on German and international corporate law, European capital markets law and sustainable finance. She published her doctoral thesis on investor protection in green bonds in 2024. In 2025, she was visiting researcher at New York University.
Prof. Carmine Di Noia
Project Contributor – ItalyCarmine Di Noia is the Director for Financial and Enterprise Affairs at the Organization for Economic Co-operation and Development (OECD), from 2022.
Previously, he was Commissioner of the Italian Securities and Exchange Commission (CONSOB) from 2016. He was also alternate member of the Board of IOSCO and the Board of Supervisor at the European Securities and Markets Authority (ESMA), chair of the Committee of Economic and Markets Analysis (CEMA) and of the Post-Trading Standing Committee at ESMA, and vice chair of the Corporate Governance Committee at OECD.
He had been Deputy Director General at Assonime, member of the board of the Italian Stock Exchange, chairman of the Policy Committee of EuropeanIssuers and head of the technical secretariat of the Italian Corporate Governance Committee.
He is member of the Advisory Council at IFRS Foundation and member (advisory capacity) of the Governing Board of the Regional Center of Excellence of Mauritius.
He was member of the Securities and Markets Stakeholder Group at ESMA and of various working groups at the European Commission: European Securities Market Expert Group (ESME), Clearing and Settlement Advisory Monitoring Expert Group (CESAME); Forum Group on Auditors Liability; Securities Expert Group on FSAP.
He is Full Professor of Financial Markets and Banking at the Business School of Luiss University in Rome.
He holds a Ph.D. in Economics at the University of Pennsylvania and a Doctorate in Economic Theory and Institutions at Tor Vergata University.
He is author or editor of 7 books in the area of financial regulation, as well as 25 articles in academic journals and 35 chapters in books.
Carmine Di Noia serves in a personal capacity and has no voting rights within the research group.
Asst. Professor Jacek Dybiński, LL.M. (Harvard)
Project Contributor – Poland / LuxembourgJacek Dybiński is a Senior Research Fellow at the University of Luxembourg's Centre for European Law and an Assistant Professor at the University of Warsaw. He holds an LL.M. from Harvard Law School and a Ph.D. in company law from Jagiellonian University. An Associated Researcher of the European Banking Institute (EBI) and an academic member of the European Corporate Governance Institute (ECGI), he is a member of several international research groups, including the European Capital Markets Code (ECMC) and the European Model Companies Act (EMCA). He contributes to regulatory and legislative projects, including studies for the European Commission, and serves on the national editorial board of the European Company Case Law Journal and as a scientific editor of the Financial Markets Law Commentaries series
Prof. Matteo Gargantini
Project Contributor – ItalyMatteo Gargantini is Associate Professor of Business Law at the University of Genoa and Adjunct Professor at Bocconi University Milan, where he teaches European financial law. Previously, he worked at the University of Utrecht and at the Max Planck Institute Luxembourg for Procedural Law. Before joining the academia, Matteo has served at CONSOB, the Italian Financial Markets Authority. He is academic member of the Consultative Working Group for Corporate Finance of the Issuer Standing Committee at ESMA.
Prof. Dr. Hans Christoph Grigoleit
Project Contributor – GermanyHans Christoph Grigoleit received his legal education at the Universities of Tuebingen and Munich (1984-1989). He then achieved an LL.M. from the University of Miami (1990) and returned to Munich for taking the mandatory legal internship (1990-1993). Grigoleit obtained his doctorate in 1996 and his habilitation in 2003 at the University of Munich. After a call to the University of Regensburg (2003-2009), he returned to the University of Munich in 2009, where he has since been holding a Chair for Private Law, Commercial Law, Corporate Law and Theory of Private Law. Key areas of his research are: Information Liability, Corporate Governance/Corporate Finance and the Theory of Legal Reasoning.
Prof. Dr. Mathias Habersack
Project Contributor – GermanyMathias Habersack has held the Chair of Civil and Corporate Law at Ludwig Maximilian University of Munich since 2011. Previously, he held professorships in Regensburg, Mainz, and Tübingen. Habersack's research interests focus primarily on corporate and capital markets law. He is, among other things, co-editor of the “Munich Commentary on the German Stock Corporation Act (AktG)” and the “Großkommentar on the German Limited Liability Companies Act (GmbHG)”. Since 2012, he has been a member of the Standing Committee of the German Lawyers' Association (Deutscher Juristentag e.V.); from 2016 to 2022, he chaired the Standing Committee and thus served as President of the 72nd and 73rd German Lawyers' Conferences. Habersack is also a member of the board of the German Association for Corporate Law (VGR) and a member of the advisory board of the German Banking Law Association (Bankrechtliche Vereinigung).
Prof. Dr. Jesper Lau Hansen
Project Contributor – DenmarkJesper Lau Hansen, dr.jur. & LL.M. (Cantab.), holds the combined chairs of Company Law and Capital Markets Law at the University of Copenhagen, Faculty of Law. He worked as a commercial lawyer from 1989-95 admitted to the Appeals Courts, before joining the University of Copenhagen, where he became a full professor in 2003. He served as an academic in the first Stakeholder Group connected to ESMA (2011-2014) and as its chair (2014-2016). He was a member of the Commission’s company law expert group, the Reflection Group, and has been a member of the successor group, ICLEG, since 2014. He has served as an academic on several public committees in Denmark, inter alia, on insider dealing, SIFIs, and the company law reform that resulted in the current 2009 Companies Act. He is a member of the editorial board of the European Company and Financial Law Review (ECFR) and the Nordic Journal of Company Law (NTS).
Prof. Dr. Elif Härkönen
Project Contributor – SwedenProf. Dr. Elif Härkönen is Senior Associate Professor in Business Law at Linköping University, Sweden. She specialises in EU capital markets and banking regulation, with particular expertise in Swedish capital markets. Her research spans corporate governance, investor protection, disclosure regulation and market infrastructure. She holds advanced law degrees from Sweden and the United States and is admitted to the New York Bar. She publishes widely in European and Nordic law journals and has authored and contributed to books in her field.
Prof. Jacek JastrzębskI
Project Contributor – PolandJacek Jastrzębski has a degree in law, obtained from the Faculty of Law and Administration of University of Warsaw, as well as a degree in economics, being a graduate of SGH Warsaw School of Economics. He has also completed advocate traineeship in Warsaw, and a prestigious ‘Professional LL.M.’ legal programme at University of California, Berkeley (United States).
Since 23 November 2018 he serves as Chair of the Board (on 24 November 2023 he was re-appointed for a second term of office).
Jacek Jastrzębski combined his work in the financial market with his academic and research activities. For more than ten years he served as Deputy Director of the Legal Department at Powszechna Kasa Oszczędności Bank Polski. He has been employed as Professor at the Department of Civil Law of the Faculty of Law and Administration at University of Warsaw, and he is also Deputy Head of that Department.
In his academic and research activities, he focuses on civil law, commercial law, and financial market law. He is an author/co-author of more than 100 academic publications. His doctoral and habilitation dissertations have received awards from ‘Państwo i Prawo’ monthly. He participated, as a speaker and host, in a series of national and international conferences, including events regarding the financial market.
Prof. Dr. Dr. h.c. Jörn Axel Kämmerer, Maîtr. en droit (Aix-Marseille)
Project Contributor – GermanyProf. Dr. Dr. h.c. Jörn Axel Kämmerer, Maîtr. en droit (Aix-Marseille), has been a Professor (chair holder) at Bucerius Law School since 2000. He was a Guest Professor at Université Paris I (Panthéon-Sorbonne) from 2005 to 2007 (part-time) and at Seoul National University, Republic of Korea, in 2007 and 2017 and has given lecture series or courses in various countries (especially Brazil, China, Israel, Portugal). As Director of the Institute on Company and Capital Markets Law (ICCML/IUKR) at Bucerius (and its Managing Director from 2017 to 2019), he has also been a member of an advisory committee to the German Ministry of Finance on financial markets regulation since 2011. He is the author of a textbook on Constitutional Law, co-editor of a commentary on the German Basic Law (von Münch/Kunig) and has published on legal aspects of EU Law, regulation of financial markets and professions, privatisation and PPP, public undertakings, but also colonialism and the evolution of subjects such as in domestic and international journals and books. In 2016 he was elected Secretary-General and in 2022 President of the Societas Iuris Publici Europaei (SIPE). He was awarded the title of Doctor honoris causa by the University of Lisbon in 2023. In January 2026, Prof. Kämmerer was appointed Vice President for International Affairs at Bucerius Law School.
Prof. Dr. Morten Kinander
Project Contributor – NorwayProf. Dr. Morten Kinander is professor of law at the Department of Law and Governance at BI Norwegian Business School in Oslo, Norway. He is currently the Chair of the Norwegian Financial Appeal Tribunal, Director the Centre for Financial Regulation as well as Academic Member of ESMA’s Securities Markets Stakeholder Group.
Prof. Dr. Dr. h.c. Peter Kindler
Project Contributor – GermanyProf. Dr. Dr. h.c. Peter Kindler holds the Chair of Private Law, Business Law, Private International Law and Comparative Law at Ludwig-Maximilians-Universität München. His research focuses on corporate law including the conflict-of-law rules related to corporations and corporate insolvency. He has published extensively in the fields of European, German and Italian corporate law and has served as an expert within the German Council for Private International Law (Deutscher Rat für Internationales Privatrecht) on related legislative projects.
Prof. Chiara Mosca
Project Contributor – Italy
Prof. Dr. Krzysztof Oplustil
Project Contributor – PolandKrzysztof Oplustil, University Professor and Head of the Chair of Public Business Law and Economic Policy at the Law Faculty of Jagiellonian University Cracow. Visiting Professor at Julius-Maximilians-Universität of Würzburg (Germany). Member of Expert Committees at the Polish Government working on the draft of implementation of the European Company (SE) and the European Economic Interest Grouping (EEIG) in Polish law (2003-2006), the reform of Polish private limited company (2010), the regulation of simple joint-stock company (2016-2018) and the reform of the Polish commercial and company law (since 2024).
Prof. Jennifer Payne
Project Contributor – United KingdomProf. Alain Pietrancosta
Project Contributor – France
Prof. Dr. Dörte Poelzig
Project Contributor – GermanyDörte is Professor at the Faculty of Law at the University of Hamburg, co-editor of several German legal journals in the fields of capital markets, corporate, and comparative law, and author of a German textbook on capital markets law published by C.H. Beck.
Prof. Andrés Recalde Castells
Project Contributor – SpainAndrés Recalde Castells is Full Professor at the Universidad Autónoma in Madrid, and co-director of the “Postgraduate Degree” in "Corporate Governance and M&A transactions".
He obtained his law degree in the University of the Basque Country in 1983, and he has taught in the University of Alcalá de Henares (1984-1994) and the University Jaume I of Castellón (1994-2012).
He has mostly focused his research in company law, securities Capital markets regulation, insolvency law and transport law. He has published more than 130 pieces in Reviews and chapters of books.
He is co-editor of the Revista de Derecho de Sociedades (Spanish Company Law Review) and member of the managing board of the European Company and Financial Law Review.
He belongs to the European Company Law Expert Group.
He has been called for advisory tasks in the elaboration of draft laws.
Prof. Claudia Sandei
Project Contributor – Italy
Prof. Michele Siri
Project Contributor – ItalyMichele Siri is full professor of Corporate Law and Financial Markets Regulation at the University of Genoa. He directs the Genoa Center for Law and Finance, the interdisciplinary research unit dedicated to the regulation of capital markets at the national, EU and international levels. In the US, he is an academic fellow of the Center for Retail Investors & Corporate Inclusion. He also teaches Financial Law at Bocconi University in Milan and on the European Banking Institute's LLM in EU Banking and Financial Regulation. His main research interests include European capital market regulation, sustainable finance, corporate governance, investor protection and supervision of insurance and financial intermediaries. He is the director (since 2020) of the Jean Monnet Centre of Excellence on EU Sustainable Finance and Law (EUSFiL), a study centre of European relevance, established with a grant awarded through a competitive call under the Erasmus Jean Monnet Actions, dedicated to academic research and public debate on the transition to a sustainable financial system. He is the President (since 2021) and a member (since 2018) of the Joint Board of Appeal of the European Supervisory Authorities (EBA, ESMA and EIOPA), and a member of the Appeal Panel of the Single Resolution Board (since 2026).
Prof. Dr. Birgit Spiesshofer M.C.J. (New York Univ.)
Project Contributor – GermanyProf. Dr. Birgit Spiesshofer M.C.J. (New York Univ.) is professor at the University of Bremen and and Of Counsel (from April 2021-March 2024 Europe Chief Sustainability and Governance Counsel) at the international law firm Dentons in Berlin. Her main areas of research and practice are international business law, business and legal ethics, compliance, sustainability, CSR (Corporate Social Responsibility) and ESG (Environment, Social, Governance).
Prof. Giovanni Strampelli
Project Contributor – ItalyGiovanni Strampelli is Full Professor of Commercial Law at Bocconi University. He graduated cum laude in Business Economics and Law from Bocconi University and obtained a PhD in Domestic and International Commercial Law from the Catholic University of the Sacred Heart in Milan. He also completed the specialisation course for business lawyers at Bocconi University. He has undertaken several research stays abroad and served as a visiting scholar at leading international institutions, including the Max Planck Institute for Tax Law and Public Finance in Munich, the Max Planck Institute for Comparative and International Private Law in Hamburg, and the University of Oxford. His teaching and research focus on company law, corporate governance, accounting law, insolvency law, and financial markets regulation. He is a member of the editorial board of Orizzonti del Diritto Commerciale and Rivista delle Società, and serves on the scientific and peer-review committees of several academic journals. He is the author of two monographs, as well as numerous book chapters and journal articles published in Italy and internationally. He regularly speaks at major academic and professional conferences in Italy and abroad.
Prof. Vassilios Tountopoulos
Project Contributor – GreeceVassilis is a member of the Athens Bar (admitted in 1997) and an academic (University of the Aegean). A graduate of the University of Athens / School of Law (LL.B., 1995), he pursued further studies in Göttingen, Germany (Georg August Universität), where he obtained a Magister Juris in corporate and European law (magna cum laude, 1996) and a Ph.D. in company law (magna cum laude, 1998).
He is a full professor at the University of the Aegean (Department of Shipping, Trade and Transport), where he teaches commercial, company, securities and competition law and a visiting Professor at the University of Piraeus (Department of Banking and Financial Management). Vassilis is the author of a substantial number of books and articles often quoted in the case law of Greek courts, among which can be found more than forty articles and book chapters, a co-authored book on internet law, monographs and commentaries on company, securities and commercial law. He is also a member of the scientific committee of various legal journals and reviews (NoB, ΔΕΕ, ΕΝΔ).
Vassilis is an expert on capital markets, company, commercial and competition law and an active lawyer at the Greek Supreme Court with extensive experience in litigation and arbitration, with an emphasis on financial law, securities law and commercial contracts.
Prof. Dr. Martin Winner
Project Contributor – AustriaMartin Winner is full professor of business law at WU Vienna (Vienna University of Business and Economics) and currently serves as Vice Rector of Human Resources at WU. Her specialises in company law and capital markets law. From 2009 to 2021 he was Chairman of the Austrian Takeover Commission, the regulator for public M&A. He is member of ICLEG, the EU Commission’s permanent advisory group on company law, and the European Company Law Expert Group (ECLE), an international group of law scholars.
Drafting Team
Working alongside the research group, a dedicated drafting team of PhD students transforms the project's academic findings into legislative provisions, laying the foundations for the ECMC.
Dr. Marlene Diekmann
Member of the Drafting TeamDr. Marlene Diekmann completed her doctoral dissertation under the supervision of Prof. Dr. Hanno Merkt, LL.M. (University of Chicago) on the Remote Adoption of Resolutions in German limited liability companies in 2025. From October 2023 to March 2025, she worked as a Research Assistant at Prof. Merkt’s Institute for Foreign and International Private Law at the University of Freiburg. In April 2025, she joined the drafting team, working as a Research Assistant at the Chair of Civil Law and Business Law of Prof. Dr. Rüdiger Veil at LMU Munich. Alongside this role, she has been completing her practical legal training (Referendariat) at the Munich Higher Regional Court since October 2025.
Dana Labun
Member of the Drafting TeamDana Labun completed her law studies and legal clerkship in Munich. She is currently pursuing her doctorate with a focus on capital markets law.
Eva Schnitzler
Member of the Drafting TeamEva Schnitzler is a PhD candidate under the supervision of Prof. Dr. Rüdiger Veil, focusing on capital markets law. Since December 2025, she has been a research assistant at the Chair of Civil Law and Business Law at LMU Munich and a member of the drafting team. She is a fully qualified lawyer, having completed her legal traineeship in Cologne, Berlin and Washington, D.C.
Dr. Anna-Lena Vogt
Member of the Drafting TeamAnna-Lena Vogt has been working as a Research Assistant on the Codification Project at Prof. Dr. Rüdiger Veil’s Chair of Civil Law and Business Law at LMU Munich since March 2023 and is now part of the drafting team. She studied law at the Universities of Bonn and Helsinki and completed her doctoral dissertation in 2026 under the supervision of Prof. Veil, focusing on climate transition plans and climate liability from a corporate law perspective. Since October 2025, she has also been completing her practical legal training (Referendariat) at the Higher Regional Court of Munich.