[PDF] Equivalence In Financial Services eBook

Author : Francesco Pennesi
Publisher : Springer Nature
Page : 276 pages
File Size : 50,94 MB
Release : 2022-04-24
Category : Business & Economics
ISBN : 3030992691

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Equivalence in Financial Services offers a comprehensive and cross-industry examination of the rules and procedures under EU financial legislation dedicated to third-country market actors. The equivalence regime has become particularly topical after Brexit, as the United Kingdom is now a third country from the perspective of the European Union. This book investigates whether the current equivalence system is fit for its purpose, namely facilitating cross-border finance while minimizing as extensively as possible financial risks. After describing how the European Commission adopts equivalence measures, the book examines the implementation of the equivalence regime for the following entities: Credit Rating Agencies, Benchmarks, Trading Venues, Investment Firms, Investment Funds, Central Securities Depositories, Trade Repositories, and Central Counterparties. Addressing the most recent policy and legal developments, Equivalence in Financial Services provides an insightful guide into this complex area of financial regulation for scholars of financial regulation, legal practitioners, and policy makers.

Author : Francesco Pennesi
Publisher :
Page : 19 pages
File Size : 11,76 MB
Release : 2020
Category :
ISBN :

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Although the UK financial sector may lose access to the Single Market as early as 31 December 2020, the EU and the UK seem miles away from a common agreement on the regulation of cross-border EU/UK financial services. One possible solution to avoid market fragmentation is to use the EU's equivalence regime: on the basis of a European Commission decision, the UK financial sector could continue to provide certain financial services to EU clients. The present policy brief analyses recent legislative reforms to the EU equivalence regime, and investigates to what extent equivalence is fit for the purpose of promoting EU financial stability (and competitive financial markets) in the post-Brexit context. The analysis shows that the relationship between equivalence and EU financial stability is not clear, as the former brings both benefits and shortcomings to the latter. On one hand, equivalence disincentives UK financial institutions to relocate in the EU, forcing EU supervisory authorities to heavily rely on UK regulators to identify and manage systemic risks. On the other hand, equivalence can also be employed by the EU to influence UK financial rule-making and, following recent reforms, to supervise UK financial institutions providing services to EU clients. The policy brief argues that it is time for a wide-ranging reform of the EU equivalence regime, replacing the patchwork of different regulatory requirements and supervisory procedures with a single, coherent framework for all the regulated activities covered by equivalence. This would increase the international competitiveness of the Single Market for financial services, provide third country institutions with a single point of access and strengthen the supervisory powers of the ESAs and the ECB.

Author : Jonas Schürger
Publisher :
Page : 0 pages
File Size : 14,30 MB
Release : 2023
Category : Electronic books
ISBN : 9780198876762

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Equivalence and Substituted Compliance in Financial Markets Law provides in-depth analysis of deference in the EU, Switzerland, and the US legal frameworks. It examines equivalence mechanisms in these jurisdictions from a comparative, economic, and constitutional perspective, discussing questions of national law, EU law, and world trade law.

Author : GREAT BRITAIN.
Publisher :
Page : 16 pages
File Size : 28,40 MB
Release : 2030-09-30
Category :
ISBN : 9780348212617

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Enabling power: European Union (Withdrawal) Act 2018, s. 8 (1), sch. 4, para. 1, sch. 7, para. 21. Issued: 30.09.2020. Sifted: -. Made: 29.09.2020. Laid: -. Coming into force: In accord with reg. 1 (2). Effect: S.I. 2018/1320, 1403; 2019/266, 541, 710; 2020/628 amended. Territorial extent & classification: E/W/S/NI. General. Supersedes draft S.I. (ISBN 9780348208917) issued 01.07.2020