Third-country market access under Brexit: new wine in old bottles

Mathias Hanten

Chapter 7 in Brexit, 2021, pp 181-194 from Edward Elgar Publishing

Abstract: This contribution analyses how UK- and EU27-based financial services providers might continue their services in the wake of Brexit, especially if no trade agreement between the UK and the EU covering these issues is available after the transition period (i.e. after December 31st, 2020). Each financial service sector is subject to specific legal questions which an agreement would have to address. A paradigmatic glance shall be cast on credit institutions that fall within the scope of Art. 3(1)(a) of the Capital Requirements Directive (CRD) IV. The intricacies and, to some extent, incoherence of the EU’s financial markets regulation and the new Single Supervisory Mechanism (SSM) for credit institutions further complicate the search for a viable post-Brexit financial services regime. Brexit serves as a magnifying glass for all questions of third-country access to the European Market, which rests on equivalence and coherence, particularly within the scope of the Banking Union.

Keywords: Economics and Finance; Law - Academic; Politics and Public Policy (search for similar items in EconPapers)
Date: 2021
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