Problems of Legal Regulation of Financial Services in the Context of Brexit

Author:

Galushko Dmitriy V.ORCID

Abstract

The financial services sector is an important contributor to the United Kingdoms (UKs) economy. The article discusses the main problems that arose in this sector as a result of Brexit. The European Union (EU)-UK Trade and Cooperation Agreement that was concluded as a result of Brexit does not contain special rules regarding financial services, thereby adding risks to the financial stability of the parties, while the existing international acts of soft law do not fill the existing gap. Consequently, the access of British financial services to the EU Common Market is possible only on the basis of recognition of the equivalence of the British regulatory regime to that of the EU. Meanwhile, such a decision has not yet been made and is unlikely to be made in the near future. Equivalence promotes the convergence of the two legal orders, providing a reduced uncertainty in the regulation of financial services. It was concluded that in the context of the goals of the UKs withdrawal from the EU and the intentions of the British government to return regulatory powers, the lack of a clear international legal mechanism for cooperation between the UK and EU in the field of financial services regulation will contribute to increasing divergence in legal regulation within both legal orders. This may also increase barriers to cross-border trade in financial services. The methodological bases of the work were the well-known general and particular methods of scientific research. The article aimed to study the relevant problems of legal regulation of financial services in the context of the UKs withdrawal from the EU, and identify general trends as well as the essential characteristics and main features in the field.

Publisher

ECO-Vector LLC

Reference7 articles.

1. The United Kingdom after brexit

2. Jekonomicheskie aspekty brekzita [Economic aspects of Brexit]. Ed. by Bazhan AI et al. Moscow: In-t Evropy RAN, 2017. 102 p. (In Russ.).

3. Dolgova AJu. London kak mezhdunarodnyj finansovyj centr: status i perspektivy s uchetom processa Brexit [London as an International financial centre: status and perspectives with considering of the process of Brexit]. Finansovyj biznes. 2017;3(188):53–59 (In Russ.).

4. DEVELOPMENT OF THE CONCEPT OF STATE SOVEREIGNTY IN THE CONTEXT OF MEMBERSHIP IN INTERNATIONAL ORGANIZATIONS

5. The Law & Politics of Brexit. Volume III: The Framework of New EU-UK Relations. Ed. by Federico Fabbrini. Oxford: Oxford University Press, 2021. 336 p.

同舟云学术

1.学者识别学者识别

2.学术分析学术分析

3.人才评估人才评估

"同舟云学术"是以全球学者为主线,采集、加工和组织学术论文而形成的新型学术文献查询和分析系统,可以对全球学者进行文献检索和人才价值评估。用户可以通过关注某些学科领域的顶尖人物而持续追踪该领域的学科进展和研究前沿。经过近期的数据扩容,当前同舟云学术共收录了国内外主流学术期刊6万余种,收集的期刊论文及会议论文总量共计约1.5亿篇,并以每天添加12000余篇中外论文的速度递增。我们也可以为用户提供个性化、定制化的学者数据。欢迎来电咨询!咨询电话:010-8811{复制后删除}0370

www.globalauthorid.com

TOP

Copyright © 2019-2024 北京同舟云网络信息技术有限公司
京公网安备11010802033243号  京ICP备18003416号-3