The Brexit Reform of European Financial Supervision: Lost in Transition?

de Arriba-Sellier, Nathan. ‘The Brexit Reform of European Financial Supervision: Lost in Transition?’ European Business Law Review 30, no. 4 (2019): 695-720

25 Pages Posted: 5 Nov 2019

See all articles by Nathan de Arriba-Sellier

Nathan de Arriba-Sellier

Erasmus University Rotterdam (EUR), Erasmus School of Law; Leiden University - Europa Institute

Date Written: July 25, 2019

Abstract

This article reviews the impact of Brexit on the European System of Financial Supervision (ESFS) and claims that the withdrawal of the United Kingdom will lead to more centralisation of supervision at EU level and a tightening of the supervision over third countries’ markets actors. This conclusion is based on a study of both the European authorities’ activism and the amendments recently adopted by EU legislators to reform the functioning of European financial supervision. Brexit has highlighted the extent of the remaining gaps in European financial supervision, which are partly due to the role that the UK played in designing European financial supervision. The reform is also geared towards mitigating the “costs” for the European economy incurred by Brexit. By analysing these developments, this contribution argues that Brexit has been seized by the European Union as an opportunity to significantly strengthen European financial supervision.

Keywords: Brexit, ESFS, financial supervision, financial regulation, extraterritoriality, outsourcing

JEL Classification: F36, G21, G24, G28

Suggested Citation

de Arriba-Sellier, Nathan, The Brexit Reform of European Financial Supervision: Lost in Transition? (July 25, 2019). de Arriba-Sellier, Nathan. ‘The Brexit Reform of European Financial Supervision: Lost in Transition?’ European Business Law Review 30, no. 4 (2019): 695-720. Available at SSRN: https://ssrn.com/abstract=3475382

Nathan De Arriba-Sellier (Contact Author)

Erasmus University Rotterdam (EUR), Erasmus School of Law ( email )

Netherlands

Leiden University - Europa Institute ( email )

Steenschuur 25
Leiden, 2311ES
Netherlands

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