Part V Legal and Conduct Risk in Interconnected Financial Markets, 19 ‘Brexit’

2018 ◽  
Author(s):  
Mccormick Roger ◽  
Stears Chris
Keyword(s):  
Member State ◽  
Financial Markets ◽  
Financial Institutions ◽  
Member States ◽  
Cross Border ◽  
Legal Risks ◽  
The Uk ◽  
The Eu

This chapter considers the legal risks raised by Brexit. These include change of law risk for financial markets and especially for institutions that wish to do cross-border business in the EU. For example, while the UK remains in the EU, financial institutions carrying on certain ‘regulated activities’ are afforded so-called ‘passporting’ rights pursuant to which, broadly, they can take advantage of the fact that they are established and appropriately authorised in one member state to do business in other member states, without the need for separate permissions or authorisations in those other states. If the UK leaves the EU, such passporting rights may be terminated unless the Brexit negotiation results in them being preserved in some way.

scholarly journals European but not European enough: An explanation for Brexit

2018 ◽  
Vol 20 (2) ◽  
pp. 282-304 ◽  
Author(s):  
Noah Carl ◽  
James Dennison ◽  
Geoffrey Evans
Keyword(s):  
National Identity ◽  
Member State ◽  
Positive Association ◽  
Weak Sense ◽  
European Identity ◽  
Member States ◽  
Eu Countries ◽  
The Uk ◽  
Measures Of Inequality ◽  
The Eu

To date, most accounts of the UK’s vote to leave the EU have focussed on explaining variation across individuals and constituencies within the UK. In this article, we attempt to answer a different question, namely ‘Why was it the UK that voted to leave, rather than any other member state?’. We show that the UK has long been one of the most Eurosceptic countries in the EU, which we argue can be partly explained by Britons’ comparatively weak sense of European identity. We also show that existing explanations of the UK’s vote to leave cannot account for Britons’ long-standing Euroscepticism: the UK scores lower than many other member states on measures of inequality/austerity, the ‘losers of globalisation’ and authoritarian values, and some of these measures are not even correlated with Euroscepticism across member states. In addition, we show that the positive association between national identity and Euroscepticism is stronger in the UK than in most other EU countries. Overall, we conclude that Britons’ weak sense of European identity was a key contributor to the Brexit vote.

Part III The EU Resolution Regime, 11 Institutional and Cross-Border Issues

2016 ◽  
Author(s):  
Gleeson Simon ◽  
Guynn Randall
Keyword(s):  
Member State ◽  
Member States ◽  
Cross Border ◽  
Single Resolution Mechanism ◽  
The Eu ◽  
Credit Institutions

This chapter examines how the Bank Recovery and Resolution Directive is implemented in international and cross-border situations, both within the EU and between the EU and third countries. The BRRD requires each member state to recognize in their law the effect of resolution actions taken by other member states. This means that as regards foreign resolution action which purports to transfer assets located in their jurisdiction, or rights or liabilities governed by their law, or write-down or convert liabilities governed by their law or owed to creditors in their jurisdictions, their law must make provision for such transfers or conversions to take effect automatically and cannot be prevented, challenged, or set aside under their law. The chapter covers the scope of the Single Resolution Mechanism, cross-border branching, and the relevant changes to the Credit Institutions (Winding-Up) Directive.

scholarly journals Member State nationality under EU law – To be or not to be a Union Citizen?

2021 ◽  
pp. 1023263X2098607
Author(s):  
Lorin-Johannes Wagner
Keyword(s):  
Member State ◽  
Case Law ◽  
Eu Law ◽  
Member States ◽  
Union Citizenship ◽  
Set Up ◽  
Union Citizen ◽  
The Uk ◽  
The Eu

The question of who ought to be regarded as Union citizen is a central but not an easily answered question. Drawing on an analysis of the ECJ’s case-law and the underlying constitutional set up of Union citizenship, this article argues that the notion of nationality in EU law is based on a jurisdictional conception that builds on the idea of a genuine link and a territorial link with the EU. Relying on this understanding the article assesses the peculiar cases of Germany, the UK and Denmark, establishing not only if and how Member States can reconfigure the meaning of their nationality under EU law but also highlighting that the notion of nationality as a peremptory marker for Union citizenship is defined within the constitutional realm of EU law. The understanding that Member States are free to define their nationality within EU law, hence, is a misplaced overstatement of sovereignty. Against this backdrop the last part of the article turns to the case of Latvian non-citizens, arguing that Latvian non-citizens, who are generally not regarded as Union citizens, have been Union citizens all along.

Part VII Characteristics of Legal Risk, 24 Sources of Legal Risk

2018 ◽  
Author(s):  
Mccormick Roger ◽  
Stears Chris
Keyword(s):  
Financial Markets ◽  
Financial Institutions ◽  
Soft Law ◽  
Law And Finance ◽  
Legal Risk ◽  
Legal Advice ◽  
Cross Border ◽  
Legal Risks ◽  
Judicial Reasoning ◽  
The Law

This chapter considers the various sources of legal risk. Understanding the sources of legal risk is at least as important as understanding the component parts of a detailed definition. Only in this way can we understand why legal risks arise in the first place. Developing such an understanding is crucial to designing systems and procedures intended to manage the risks. The sources of legal risk include the behaviour of financial institutions (i.e. limited legal awareness, failure to implement legal advice, exploiting the letter of the law, and outsourcing), the nature of financial markets (i.e. financial innovation, new market sectors and convergence, and cross-border business), problems with the law (i.e. bad law, policy concerns, inaccessible law, and unpredictable judicial reasoning), and the interaction of law and finance (i.e. hard and soft law, interaction of soft law and consumerism, and globalization).

scholarly journals Jurisdiction and Enforcement Post Brexit

2020 ◽  
Vol 3 (1) ◽  
pp. 19-34 ◽  
Author(s):  
Erik Lagerlöf
Keyword(s):  
Member State ◽  
Dispute Resolution ◽  
International Business ◽  
Significant Role ◽  
Eu Law ◽  
Cross Border ◽  
The Uk ◽  
The Eu

In the context of international business and commercial transactions, it is vital that the judgments of one State are enforced by the courts in another. EU law has played a significant role in revolutionising the rules applicable to jurisdiction and enforcement in a cross-border context. As a Member State, the UK has benefitted from these rules and they have contributed to the position of the UK and, in particular, London as the leading centre for dispute resolution in Europe, if not worldwide. With the purpose of contributing to the ongoing discussion concerning common EU and UK rules on jurisdiction and enforcement of judgments post Brexit more broadly, this article provides an updated view of the major issues involved. In doing so, it also underlines the importance of a common EU-UK framework in this regard and the urgency for the EU and UK negotiators to agree on a sensible way forward.

Resolution and Insolvency of Banks and Financial Institutions

2016 ◽  
Author(s):  
Michael Schillig
Keyword(s):  
Financial Institutions ◽  
Legal Framework ◽  
Critical Assessment ◽  
Wall Street ◽  
Cross Border ◽  
Consumer Protection Act ◽  
National Implementation ◽  
The Us ◽  
The Uk ◽  
The Eu

This book provides a detailed analysis and critical assessment of the EU and US resolution regimes for banks and financial institutions on a comparative basis. The book analyses the EU legal framework under the Bank Recovery and Resolution Directive, and considers the challenges in national implementation through the two largest economies within the EU, Germany and the UK. The very influential laws of the US, (Securities Investor Protection Act 1970, and the Wall Street Reform and Consumer Protection Act: Dodd-Franck) are used as a comparative reference point. Through analysis of the new EU framework and of the more mature system in the US, the book considers whether and to what extent the EU framework and national regimes contribute to ensuring resolvability of financial institutions, how their efficacy may be increased with a view, in particular, to the resolution of cross border groups, and what the future may hold, especially in respect of a single European resolution authority.

The Seasonal Workers Directive

2017 ◽  
Vol 8 (1) ◽  
pp. 28-44
Author(s):  
Margarite Helena Zoeteweij-Turhan
Keyword(s):  
Member State ◽  
Vocational Training ◽  
Family Reunification ◽  
Equal Treatment ◽  
Labour Migration ◽  
Unemployment Benefits ◽  
Member States ◽  
Seasonal Workers ◽  
The Uk ◽  
The Eu

The Seasonal Workers Directive, harmonising Member States’ laws regarding the entry, residence and certain labour rights of seasonal workers, entered into force in 2014 and should be implemented by Member States (except for the UK, Ireland and Denmark) by 30 September 2016. According to Article 23 of the Directive, in principle, third-country nationals coming to a Member State as seasonal workers are entitled to equal treatment with nationals of the host Member State. However, what does ‘equal treatment’ mean when there are almost no nationals doing seasonal work for comparison? Also, the Directive allows Member States to diverge from the principle with regard to family and unemployment benefits and education and vocational training. Furthermore, the Directive does not provide for family reunification, even though seasonal workers are allowed to work for periods of up to nine months per year in the host Member State. Considering the limitations to the principle of equal treatment, and the broad measure of discretion given to the Member States in the implementation of the Directive, can the Directive really improve the precarious position of seasonal workers? What is to be expected of the effectiveness of the Directive? Could the Directive also be attractive for application by countries (inside the EU or outside) that are not bound by the Directive? This article will try to answer these questions by critically analysing the Directive, setting it in historical perspective and comparing it other EU legal instruments on labour migration, focusing particularly on the content of a select number of rights. The article furthermore discusses the issue of gender equality in the (effects of the) EU regulation of labour migration. It finally also addresses the question of the attractiveness of the Directive for adoption by States that are not bound by it, in particular Switzerland, where the seasonal worker has remained a hot topic after officially having ‘disappeared’ from the radar in 2002.

Legal Nature of Supervisory Instruments above the Financial Market in the EU — Chosen Issues

Upravlenie ◽  
10.12737/5641 ◽  
2014 ◽  
Vol 2 (3) ◽  
pp. 76-80
Author(s):  
Шаранец ◽  
Monika zaraniec
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Financial Institutions ◽  
Member States ◽  
Legal Nature ◽  
Organizational Aspect ◽  
Standard Solution ◽  
Financial Supervisors ◽  
Supervision Of Financial Markets ◽  
The Eu

In the article taken analysis of character of supervisory instruments was as part of uni-form financial markets the EU applied by EU organs of the supervision. To the end of 2010 the supervision of financial markets constituted the control domain of Member States in the financial, procedural and organizational aspect. At present European Sys-tem of Financial Supervisors (ESFS) and organs acting in his structures of the EU su-pervision have a right to issuing decisions of superintendents directly binding supervised entities, that is organs of the supervision and financial institutions acting on the market. A possibility of drawing up by European Supervisiory Authorities (ESA) is a special standard solution of projects binding technical standards (BTS) being subject to approving by the European Commission and having a power of direct being applicable in all Member States.

IV. Insurance and Banking

1998 ◽  
Vol 47 (3) ◽  
pp. 719-724
Author(s):  
Karl Newman ◽  
Mads Andenas
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Financial Institutions ◽  
Member States ◽  
Cross Border ◽  
Regulation Of Financial Markets ◽  
Provision Of Services

The internal financial market is still far from its completion. Parts of the financial market and certain financial institutions are not yet covered by implementing directives. In areas that are covered by directives, transposition by member States has not removed important practical barriers to cross-border establishment and provision of services. An interesting feature of the current developments in the EC regulation of financial markets is the Commission's use of “Communications” to implement Treaty freedoms and so to remedy the situation where the member States have blocked proposals for a directive or where unacceptable barriers remain after their transposition.

Brexit and the EU Area of Freedom, Security, and Justice

2017 ◽  
Author(s):  
Deirdre Curtin
Keyword(s):  
Member State ◽  
Data Retention ◽  
Free Zone ◽  
The Uk ◽  
The Eu

UK involvement in the EU Area of Freedom, Security, and Justice (AFSJ) has been patchy. It never joined the Schengen border-free zone, and when in 2014 it exercised a block exit from all AFSJ measures, it selectively rejoined a substantial number. Even if partially outside, the UK has been a leader inside. Advanced intelligence capabilities meant it provided important support to the functioning of agencies such as Europol and UK laws inspired EU laws, for example, on data retention. The need to preserve some pragmatic forms of cooperation between the UK and the EU is obvious and shared by the UK security establishment. There is a partial institutional precedent . When Denmark rejected participation in Europol in a popular referendum, the Danish government obtained a deal from the EU institutions which allows it to remain associated to Europol as a ‘third country’ (and a Member State). The bespoke Brexit reality may prove even more complex.

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