Extra-territorial regulatory action in the financial markets: does the EU third country central counterparty regime go too far?

Braithwaite, Jo ORCID: 0000-0002-6343-1989 and Murphy, David (2024) Extra-territorial regulatory action in the financial markets: does the EU third country central counterparty regime go too far? Capital Markets Law Journal. ISSN 1750-7219

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Abstract

This article considers how to evaluate extra-territorial regulation, and it makes particular reference to the European Union’s recent proposals for the European Market Infrastructure Regulation (‘EMIR’). Extra-territorial regulatory action is inherently controversial; however it has become increasingly commonplace in the financial markets since 2008 and, especially, Brexit. The article proposes a normative framework based upon Global Administrative Law, and analyses the so-called ‘EMIR 3.0’ proposals for third country central counterparties (CCPs) accordingly. This analysis locates the ongoing debates about the EMIR 3.0 regime in a wider, scholarly context and throws light on the proportionality and efficacy of the proposals. The article also suggests a technique for the review of extra-territorial financial regulation more broadly, arguing that Global Administrative Law provides a valuable way of evaluating substance and of holding decision-makers to account.

Item Type:	Article
Additional Information:	© 2024 The Author(s)
Divisions:	Law
Subjects:	H Social Sciences > HG Finance K Law
JEL classification:	G - Financial Economics > G1 - General Financial Markets > G10 - General F - International Economics > F3 - International Finance > F30 - General
Date Deposited:	11 Nov 2024 12:51
Last Modified:	12 Dec 2024 04:34
URI:	http://eprints.lse.ac.uk/id/eprint/126000

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