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

Jo Braithwaite and David Murphy

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

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.

JEL-codes: F30 G10 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2025-03-31
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Published in Capital Markets Law Journal, 31, March, 2025, 20(1). ISSN: 1750-7219

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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:126000

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