Download or read book Implications of Brexit on EU Financial Services written by European Parliament. Directorate-General for Internal Policies. Policy Department A. : Economic and Scientific Policy and published by . This book was released on 2017 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study, which is prepared by Policy Department A at the request of the ECON Committee, addresses the implications and economic impact of several scenarios of the UK leaving the EU in relation to financial services, ranging from a 'hard Brexit' without any arrangements concerning financial services to the current state of affairs under the terms of a full EU membership. Special focus is put on a peculiar variation of 'hard Brexit', which are the third-country regimes in the current EU secondary legal framework that allow partial access to the EU single market based on 'equivalence' on the basis of decisions by the European Commission or national authorities. The study presents these regimes and the extent to which they were already used in the past. The economic analysis looks at three variations of 'hard Brexit' (one, in which the access to the single market is closed, one with partial access based on equivalence and one, in which the City of London is transformed into an 'offshore financial centre') and at the scenario, in which the UK joins the EEA. The economic assessment is based on the current state of affairs in relation to the interwovenness of financial services in the EU28 including a closer look at the importance of UK-based clearing of Euro denominated trades.

Download or read book Brexit and Financial Services written by Kern Alexander and published by Bloomsbury Publishing. This book was released on 2018-01-11 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely book examines the legal and regulatory implications of Brexit for financial services. The UK's withdrawal from the EU is likely to have significant market, political, and policy consequences for the UK financial system, for the single market and the euro area, and for the international financial system. As the UK disentangles its financial system from the EU, law will matter to a profound extent. Treaties, legislation, and regulation, at UK, EU, and international levels, and the many dynamics and interests which drive them, will frame and shape the ultimate settlement between the UK and the EU. Law will also shape how the EU financial system develops post-Brexit and how the international financial system responds. Written by leading authorities in the field, this book addresses and contextualises the legal, regulatory, and policy issues across five dimensions, which correspond to the major legal spheres engaged: financial regulation implications and market access consequences for the UK financial system; labour law and free movement consequences for the UK financial system; the implications internally for EU financial governance and the euro area; the implications and relevance of the EEA/EFTA financial services market; and the trade law and World Trade Organization law implications.

Download or read book Implications of Brexit on EU Financial Services written by and published by . This book was released on 2017 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book After Brexit written by Nazaré da Costa Cabral and published by Springer. This book was released on 2017-12-18 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: This topical and important book identifies the short to medium-term economic, financial and social consequences of Brexit. Containing perspectives from leading thinkers across legal, economic and financial fields, it considers both the general effect of UK withdrawal on the European integration process, and the specific impact on the free movement of capital, goods and people. Addressing the main areas within both the UK and the EU that can and will be affected by Brexit, including the financial sector, immigration, social rights and social security, After Brexit: Consequences for the European Union will make fascinating reading for all those currently engaged in the study and practice of Law, Economics, Finance, Political Science, Philosophy, History and International Affairs.

Download or read book Brexit s Winners and Losers An Empirical Analysis of Economic Effects of Deglobalisation on the Financial Services Industry written by Lukas Kirchner and published by GRIN Verlag. This book was released on 2021-02-26 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2020 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,0, European University Viadrina Frankfurt (Oder), language: English, abstract: This paper aims to analyse what the impact of a no-deal Brexit on the Financial Services Industry is. Given the significant global integration of the UK’s financial services industry as the largest exporter and the host of the world’s leading centre of financial services (House of Lords, 2016), the gained observations and experiences from the example of Brexit shed greater light on determining the consequences of deglobalisation on the financial services industry. In order to determine the impact of a no deal Brexit on the financial services industry, it will be assumed that not only within the transition period but also in the long term, i.e. after an initial period of no relations, no further agreements will be reached between the UK and the EU. Further, the impact will be analysed solely for the industries of the two directly involved parties, thus the EU and the UK. In this course, given that the UK’s exports in financial services strongly exceed their imports of financial services in trade with the EU (House of Commons, 2020), the UK will be considered as the exporting nation; and consequently, the EU will be treated as the importing nation of financial services. Based on this trade surplus indicating a greater reliance from UK-based financial services firms on the EU than from EU-based financial services firms on the UK, the focus will be laid on UK-based financial services firms, which as a whole represent the UK’s financial services industry. The remainder of this paper is structured as follows: after an initial introduction to Brexit and the development of the relationship negotiation; in the third section, the status quo of the financial services industry ante Brexit will be depicted. In this regard, the legal framework will be emphasised, and the mutual reliance will be identified. In order to forecast the future situation of the financial services industry after the transition period, the legal relationship under WTO terms will be thematised in the fourth section. Within this section, a focus will be laid on the possible legal paths of the provision of financial services. Based on the derived legal aspects and considering the political influences in the absence of any relationship, in the fifth section, a post transition period outlook for the financial services industry will be given.

Download or read book Brexit and Financial Regulation written by Jonathan Herbst and published by Oxford University Press, USA. This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brexit will have a significant impact on the UK financial services system. This book provides guidance on the complexity of Brexit as it applies to financial institutions through the eyes of leading lawyers. It covers issues of market access, transposition of directly applicable regulation,the assumption of roles carried out by the European Supervisory Authorities ("ESA"), and the impact on cross-border contracts. Brexit and Financial Regulation navigates the future of the EU and UK's approach to bank and investment firm authorisation, the EU concept of equivalence and changes to keypieces of EU legislation. It identifies which pieces of EU legislation contain equivalence provisions and describes the equivalence process. It considers issues relating to characteristic performance, dealing with the test of where services are actually carried out in the EU.The book addresses communications from the EU institutions on the approach to be taken regarding the authorisation of banks and investment firms in the EU27. Of particular importance is consideration of the opinions issued in 2017 by the European Banking Authority and the European Securities andMarkets Authority. This analysis also includes a review of the approach taken by key EU27 jurisdictions such as Germany, France, and the Netherlands.Crucially, the work considers the position of HM Treasury, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) in taking on the roles of the ESAs, and how highly technical and detailed EU regulatory technical standards and ESA guidance will be transposed into the PRARulebook and FCA Handbook. It covers the European Union (Withdrawal) Act 2018 and relevant changes to financial services legislation. The Overseas Persons Exclusion contained in the Regulated Activities Order is also discussed.The book also examines the role of international regulatory bodies and international standards. These international standards and agreements have been implemented in EU legislation such as the Capital Requirements Directive IV and the Capital Requirements Regulation. The development of internationalregulation and the UK's influence on it are important components in the post Brexit landscape. Breaking Brexit issues into accessible, structured chapters, leading practitioners from across the City of London unpack legal complexities, sharing a wealth of experience. This is a timely and invaluablework for all those advising or dealing with financial institutions in the UK and the EU.

Download or read book Brexit and Beyond written by Benjamin Martill and published by UCL Press. This book was released on 2018-01-29 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brexit will have significant consequences for the country, for Europe, and for global order. And yet much discussion of Brexit in the UK has focused on the causes of the vote and on its consequences for the future of British politics. This volume examines the consequences of Brexit for the future of Europe and the European Union, adopting an explicitly regional and future-oriented perspective missing from many existing analyses. Drawing on the expertise of 28 leading scholars from a range of disciplines, Brexit and Beyond offers various different perspectives on the future of Europe, charting the likely effects of Brexit across a range of areas, including institutional relations, political economy, law and justice, foreign affairs, democratic governance, and the idea of Europe itself. Whilst the contributors offer divergent predictions for the future of Europe after Brexit, they share the same conviction that careful scholarly analysis is in need – now more than ever – if we are to understand what lies ahead for the EU. Praise for Brexit and Beyond 'a wide-ranging and thought-provoking tour through the vagaries of British exit, with the question of Europe’s fate never far from sight...Brexit is a wake-up call for the EU. How it responds is an open question—but respond it must. To better understand its options going forward you should turn to this book, which has also been made free online.' Prospect Magazine 'This book explores wonderfully well the bombshell of Brexit: is it a uniquely British phenomenon or part of a wider, existential crisis for the EU? As the tensions and complexities of the Brexit negotiations come to the fore, the collection of essays by leading scholars will prove a very valuable reference for their depth of analysis, their lucidity, and their outlining of future options.' - Kevin Featherstone, Head of the LSE European Institute, London School of Economics 'Brexit and Beyond is a must read. It moves the ongoing debate about what Brexit actually means to a whole new level. While many scholars to date have examined the reasons for the British decision to leave, the crucial question of what Brexit will mean for the future of the European project is often overlooked. No longer. Brexit and Beyond bundles the perspectives of leading scholars of European integration. By doing so, it provides a much needed scholarly guidepost for our understanding of the significance of Brexit, not only for the United Kingdom, but also for the future of the European continent.' - Catherine E. De Vries, Professor in the department of Government, University of Essex and Professor in the department of Political Science and Public Administration Free University Amsterdam 'Brexit and Beyond provides a fascinating (and comprehensive) analysis on the how and why the UK has found itself on the path to exiting the European Union. The talented cast of academic contributors is drawn from a wide variety of disciplines and areas of expertise and this provides a breadth and depth to the analysis of Brexit that is unrivalled. The volume also provides large amounts of expert-informed speculation on the future of both the EU and UK and which is both stimulating and anxiety-inducing.' -Professor Richard Whitman, Head of School, Professor of Politics and International Relations, Director of the Global Europe Centre, University of Kent

Download or read book The Formation of Financial Centers written by Charles Poor Kindleberger and published by . This book was released on 1974 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Financial Markets Dis Integration in a Post Brexit EU written by Dieter Pesendorfer and published by Springer Nature. This book was released on 2020-01-11 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union is creating a Financial Union with a European Banking Union and a Capital Markets Union in reaction to lessons learned from incomplete financial markets integration, the Global Financial Crisis and European Sovereign Debt Crisis. This book critically analyses these projects for a more integrated, resilient and sustainable financial system at a time when the United Kingdom as the member state with the most developed capital markets and the leading global and European financial center, the City of London, is leaving the Union. Neoliberal financial globalization and markets integration policies have led to finance-led capitalism that caused the crises. By building on pre-crises integration ideas, the Union revives and expands the reach of capital markets-based financing and shadow banking. The book discusses the consequences of deeper integration and the future of European financial centers advocating an alternative financial markets integration based on theories explaining finacialization and finance-led capitalism.

Download or read book Effect of Brexit on the European Union and the UK written by Esther Onomah and published by GRIN Verlag. This book was released on 2019-12-02 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2018 in the subject Politics - International Politics - Region: Western Europe, grade: A, University of Cape Coast, course: EUROPE AND THE EUROPEAN UNION, language: English, abstract: This essay seeks to discuss the impact Brexit is likely to have on both UK and Europe. The essay will be divided into three sections. Section one will discuss briefly the journey to the formation of the EU, then continue with UK’s membership in 1973 and discuss events that occurred after gaining membership. The section two will discuss five probable impacts UK is likely to face in the post-Brexit era. It will discuss the change of trade within Europe, the new posture trade is likely to take as a result of new trade policy, effect Brexit is likely to impact on financial services, the tightening of immigration, and UK’s loss of influence in the international world. The third section will discuss the effect of Brexit on Europe. It will discuss business finding it costly to relocate investment from UK, how Brexit will affect remittance migration to the extent of political contagion, how Brexit is likely to create a gap in the budgetary of the EU, the effect Brexit is likely to take EU’s influence in the international world and how Brexit breeds uncertainty which is bad for business in the EU and risks political contagion.

Download or read book The UK and Multi level Financial Regulation written by Scott James and published by Oxford University Press. This book was released on 2020-02-06 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: The UK and Multi-level Financial Regulation examines the role of the United Kingdom (UK) in shaping post-crisis financial regulatory reform, and assesses the implications of the UK's withdrawal from the European Union (EU). It develops a domestic political economy approach to examine how the interaction of three domestic groups - elected officials, financial regulators, and the financial industry - shaped UK preferences, strategy, and influence in international and EU-level regulatory negotiations. The framework is applied to five case studies: bank capital and liquidity requirements; bank recovery and resolution rules; bank structural reforms; hedge fund regulation; and the regulation of over-the-counter derivatives. It concludes by reflecting on the future of UK financial regulation after Brexit. The book argues that UK regulators pursued more stringent regulation when they had strong political support to resist financial industry lobbying. UK regulators promoted international harmonisation of rules when this protected the competitiveness of industry or enabled cross-border externalities to be managed more effectively; but were often more resistant to new EU rules when these threatened UK interests. Consequently, the UK was more successful at shaping international standards by leveraging its market power, regulatory capacity, and alliance building (with the US). But it often met with greater political resistance at the EU level, forcing it to use legal challenges to block reform or secure exemptions. The book concludes that political and regulatory pressure was pivotal in defining the UK's 'hard' Brexit position, and so the future UK-EU relationship in finance will most likely be based on a framework of regulatory equivalence.

Download or read book The Brussels Effect written by Anu Bradford and published by Oxford University Press. This book was released on 2020-01-27 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: For many observers, the European Union is mired in a deep crisis. Between sluggish growth; political turmoil following a decade of austerity politics; Brexit; and the rise of Asian influence, the EU is seen as a declining power on the world stage. Columbia Law professor Anu Bradford argues the opposite in her important new book The Brussels Effect: the EU remains an influential superpower that shapes the world in its image. By promulgating regulations that shape the international business environment, elevating standards worldwide, and leading to a notable Europeanization of many important aspects of global commerce, the EU has managed to shape policy in areas such as data privacy, consumer health and safety, environmental protection, antitrust, and online hate speech. And in contrast to how superpowers wield their global influence, the Brussels Effect - a phrase first coined by Bradford in 2012- absolves the EU from playing a direct role in imposing standards, as market forces alone are often sufficient as multinational companies voluntarily extend the EU rule to govern their global operations. The Brussels Effect shows how the EU has acquired such power, why multinational companies use EU standards as global standards, and why the EU's role as the world's regulator is likely to outlive its gradual economic decline, extending the EU's influence long into the future.

Download or read book Financial Regulation in the EU written by Raphaël Douady and published by Springer. This book was released on 2017-08-29 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial regulation has dramatically evolved and strengthened since the crisis on both sides of the Atlantic, with enhanced international coordination through the G-20 and the Financial Stability Board and, at the regional level, a definite contribution from the European Union. However the new regulatory environment has its critics, with many divergent voices arguing that over-regulation has become a root cause of our current economic stagnation. This book provides a bigger picture view of the impact and future of financial regulation in the EU, exploring the relationship between microeconomic incentives and macroeconomic growth, regulation and financial integration, and the changes required in economic policy to further European integration. Bringing together contributions from law, economics and management science, it offers readers an accessible but rigorous understanding of the current state of play of the regulatory environment, and on the future challenges. Coverage will include: • A review of the recent regulatory changes from a legal and economic perspective • Analysis of how the economic model of financial institutions and entities is impacted by the new frameworks • How to improve securitization and new instruments under MIFID II • Issues in the enhanced supervision under delegated acts for AIFMD, CRR-CRD IV and Solvency II • How long term funding can be supplied in lieu of the non-conventional monetary policies • A new architecture for a safer and more efficient European financial system Financial Regulation in the EU provides much needed clarity on the impact of new financial regulation and the future of the economy, and will prove a must have reference for all those working in, researching and affected by these changes.

Download or read book Insurance Distribution Directive written by Pierpaolo Marano and published by Springer Nature. This book was released on 2021 with total page 439 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access volume of the AIDA Europe Research Series on Insurance Law and Regulation offers the first comprehensive legal and regulatory analysis of the Insurance Distribution Directive (IDD). The IDD came into force on 1 October 2018 and regulates the distribution of insurance products in the EU. The book examines the main changes accompanying the IDD and analyses its impact on insurance distributors, i.e., insurance intermediaries and insurance undertakings, as well as the market. Drawing on interrelations between the rules of the Directive and other fields that are relevant to the distribution of insurance products, it explores various topics related to the interpretation of the IDD - e.g. the harmonization achieved under it; its role as a benchmark for national legislators; and its interplay with other regulations and sciences - while also providing an empirical analysis of the standardised pre-contractual information document. Accordingly, the book offers a wealth of valuable insights for academics, regulators, practitioners and students who are interested in issues concerning insurance distribution.--

Download or read book Complexity s Embrace written by Oonagh E. Fitzgerald and published by McGill-Queen's Press - MQUP. This book was released on 2018-03-31 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: An unprecedented political, economic, social, and legal storm was unleashed by the United Kingdom's June 2016 referendum to leave the European Union and the government's response to the vote. After decades of strengthening European integration and independence, Brexit necessitates a deep understanding of its international law implications on both sides of the English Channel in order to chart the stormy seas of negotiating and advancing beyond separation. In Complexity's Embrace, international law practitioners and academics from the United Kingdom, Europe, Canada and the United States look beyond the rhetoric of "Brexit Means Brexit" and "no agreement is better than a bad agreement" to explain the challenges that need to be addressed in the diverse fields of trade, financial services, insolvency, intellectual property, environment, and human rights. The authors in this volume articulate, with unvarnished clarity, the international law implications of Brexit, providing policy makers, commentators, the legal community, and civil society with critical information they need to participate in negotiating their future within or outside Europe. Complexity's Embrace explores the many unprecedented questions about the UK's future trading arrangements. Contributors include Thomas Cottier, Armand de Mestral, Oonagh E. Fitzgerald, David A. Gantz, Markus Gehring, Valerie Hughes, Matthias Lehmann, Eva Lein, Dorothy Livingston, Richard Macrory, Luke McDonagh, Marc Mimler, Howard P. Morris, Gabriel Moss, Helen Mountfield, Federico M. Mucciarelli, Joe Newbigin, Colm O’Cinneide, Damilola S. Olawuyi, Christoph G. Paulus, Maziar Peihani, Freedom-Kai Phillips, Stephen Tromans, Diana Wallis, and Dirk Zetzsche.

Download or read book Brexit Macroeconomic Consequences written by Markus Passlack and published by GRIN Verlag. This book was released on 2016-11-21 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2016 in the subject Business economics - Economic Policy, grade: 1,3, University of Bamberg, course: European Economic Studies, language: English, abstract: The possibility the UK might leave the European Union infamously known as Brexit– is a major source of concern. The probability of the UK leaving the EU significantly rose after the referendum on 23. June 2016. This Bachelor Thesis seeks to assess the macroeconomic consequences of Brexit on the UK’s, Germany’s and other major european country’s economies. Despite the heaviest awareness that it is difficult to properly quantify the costs of uncertainty over Brexit, this work provides evidence that the severity of Brexit’ impact was not uniform across the investigated countries. The first part will elaborate the juristic consequences of the referendum and the potential resulting scenarios, while the second part will present the various options Britain has outside of the EU. The last big block will focus on the consequences of the Brexit for the UK, Germany and the rest of the EU.

Download or read book The Irrelevance of Brexit for the European Financial Market written by Wolf-Georg Ringe and published by . This book was released on 2018 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Among participants in the global financial market, Brexit is commonly painted as an almost Apocalypse-like scenario. The threat of a British exit from the European Union arguably involves a significant disruption to financial integration in Europe, will threaten the pre-eminence of London as a global financial centre, and will impose significant costs on all market participants.This paper takes a different position on the significance of Brexit for the European financial market. I argue that, in reality, the impact of Brexit for financial services will be minuscule, if not irrelevant. Such optimism is grounded in the economic stakes for both sides, the UK and the EU27, in retaining the benefits of access to the European Single Market for financial services. Given the joint economic interests, a likely outcome of the Brexit negotiations will be a solution that formally satisfies the 2016 referendum result, but in substance keeps Britain closely involved in the EU financial market. Alternatively, we should expect an agreement on the basis of regulatory equivalence. If an agreement is not achieved, private solutions by market actors are likely.The paper borrows from past examples in EU financial market integration that saw ingenious creativity at work in facilitating a desired outcome within the existing convoluted legal framework. These past experiences lead us to predict a similar approach being used for accommodating Brexit. The broader point is then that the EU financial services framework repeatedly sees a victory of politics or economics over the law - that is, formal legal problems or structures are brushed aside when political necessities or economic exigencies so require.