Institutionalising Transatlantic Business: Financial Services Regulation in TTIP
in Institutionalisation beyond the Nation State - Transatlantic Relations: Data, Privacy and Trade Law, ed. by E. Fahey (Springer, 2018), pp. 111-127; ISBN 978-3-319-50221-2
16 Pages Posted: 22 Feb 2019
Date Written: 2018
This chapter analyses the regulation of financial services in transatlantic relations as a case study of the institutional approximation of the EU and US legal orders in the aftermath of the global financial crisis. The vastly interdependent EU and US financial regimes have produced significant crossborder effects, caused disputes, and impeded transatlantic business. In this chapter, TTIP negotiations, regardless of their outcome, are observed as a benchmark for the institutionalization of transatlantic regulatory cooperation in financial services. In particular, the chapter analyses the institutional implications of the newly established Joint EU-US Financial Regulatory Forum, which has replaced the EU-US Financial Markets Regulatory Dialogue. This is complemented by an insight into the position and actorness of business and civil society stakeholders. The chapter studies the contribution of these ‘soft’ institutional platforms to a greater convergence between the European and American rulemaking processes and their respective approaches to financial services regulation.
Keywords: Transatlantic Relations, Financial Regulation, Regulatory Cooperation, Institutionalisation, Financial Services
Suggested Citation: Suggested Citation