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 (2021) 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 (In Press)

Text (LSE October) - Accepted Version Pending embargo until 1 January 2100. Download (636kB)

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
Date Deposited:	11 Nov 2024 12:51
Last Modified:	18 Nov 2024 09:48
URI:	http://eprints.lse.ac.uk/id/eprint/126000

Actions (login required)

View Item