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EU Financial Markets After Brexit

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After Brexit

Abstract

Access to the EU’s financial markets will become seriously restricted for Britain-based financial institutions after Brexit. This article reviews the importance of the passport for financial services providers under EU law and the third-country arrangements access under the different EU financial services directives. It concludes that the City of London and UK-based financial institutions will be seriously affected by Brexit.

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Notes

  1. 1.

    This concept is discussed in greater detail below.

  2. 2.

    See Letter from the Chairman of the UK Financial Conduct Authority (FCA) to the Chair of the House of Common’s Treasury Committee, 17 August 2016 (http://www.parliament.uk/business/committees/committees-a-z/commons-select/treasury-committee/)

  3. 3.

    Ibid.

  4. 4.

    See Commission website: http://ec.europa.eu/finance/general-policy/global/equivalence/index_en.htm

  5. 5.

    Ibid.

  6. 6.

    Commission Implementing Decision (EU) 2016/377 of 15 March 2016 on the equivalence of the regulatory framework of the USA for CCPs that are authorised and supervised by the CFTC to the requirements of the EMIR Regulation (EU) No 648/2012, Recital 23.

References

  • De Manuel, Mirzha. 2012. Third Country Rules for Alternative Investments: Passport Flexibility Comes at a Price. ECMI Commentary, ECMI, Brussels. www.ceps.eu

  • Financial Times. 2016. Banks Fear Chill Wind of ‘Passport’ Freeze. September 21.

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  • Gros, Daniel. 2016. The Economics of Brexit: It’s Not About the Internal Market. CEPS Commentary, September. www.ceps.eu

  • IMF. 2016. Macroeconomic Implications of the United Kingdom Leaving the European Union. Country Report, Washington, DC.

    Google Scholar 

  • Lannoo, Karel. 2015. The Great Financial Plumbing: From Northern Rock to Banking Union. London: Rowman and Littlefield International. October.

    Google Scholar 

  • ———. 2016. Brexit and the City. CEPS Commentary, CEPS, Brussels. www.ceps.eu

  • Miethe, Jakob, and David Pothier. 2016. Brexit: What’s at Stake for the Financial Sector. Economic Bulletin, DIW, August.

    Google Scholar 

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Author information

Authors and Affiliations

  1. CEPS (Centre for European Policy Studies), Brussels, Belgium

    Karel Lannoo

Authors
  1. Karel Lannoo
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Editors and Affiliations

  1. CIDEEFF - School of Law, Univ of Lisbon, University of Lisbon, Lisbon, Portugal

    Nazaré da Costa Cabral

  2. CIDEEFF, University of Lisbon School of Law - Faculdade de Direito da Universidade de Lisboa, Alameda da Universidade - Cidade Universitária, Lisbon, Portugal

    José Renato Gonçalves

  3. CIDEEFF, University of Lisbon School of Law - Faculdade de Direito da Universidade de Lisboa, Alameda da Universidade - Cidade Universitária, Lisbon, Portugal

    Nuno Cunha Rodrigues

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Lannoo, K. (2017). EU Financial Markets After Brexit. In: da Costa Cabral, N., Renato Gonçalves, J., Cunha Rodrigues, N. (eds) After Brexit. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-66670-9_17

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  • DOI: https://doi.org/10.1007/978-3-319-66670-9_17

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  • Publisher Name: Palgrave Macmillan, Cham

  • Print ISBN: 978-3-319-66669-3

  • Online ISBN: 978-3-319-66670-9

  • eBook Packages: Economics and FinanceEconomics and Finance (R0)

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