Съвременни аспекти на регулирането на финансовите пазари (Contemporary Aspects of Financial Markets Regulation)

Contemporary Aspects of Financial Markets Regulation The article reflects the work and results under a university scientific project (UNWE, 2017- 2019) bearing the same title. The choice of the specific aspects to be explored is based on the market developments post-2008, when the world was already affected by the Global financial and economic crisis. The banking sector regulation is a subject of the first main part, as the banks were in the epicenter of the financial collapse in 2008 and afterwards, when many weaknesses and gaps in banking regulations became evident. The second main part of the article is about the financial derivatives market – those financial instruments were defined as drivers of the globalization of the crisis. The developments on the financial derivatives market, including its regulation, have a great impact on the global financial system and most notably on its stability. The third main part of the article treats the problems of alternative finance, as a forceful process of circumventing traditional banking is taking place. This is a new field, based on financial innovation, and its regulation is a contemporary matter. The fourth part is about the regulatory reforms of the Bulgarian financial market, given in perspective for a EU member state and respectively the effects for the national economy.

Towards Single Market in Financial Services: Highlights of the EU and the EAEU Financial Markets Regulation

The article covers key formats of interstate cooperation in the post-Soviet space. The authors conclude that the Eurasian Economic Union is the major integration project bringing together Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. This research addresses various legal issues related to founding of the EAEU single financial services market with provisions and annexes of the EAEU Treaty studied. The EAEU meets challenges and creates legal and institutional framework for single financial services market within a relatively short timeframe. By 2025 both Supranational Eurasian financial regulator should be established and EAEU legislation on financial services should be harmonized. These tasks require international and national regulation experience. Therefore through the use of comparative analysis some advantages of the European Union law in the field of financial services market regulation are pointed out alongside with particular national legislation aspects of the EAEU member states in the similar or relative fields. Comparative analysis provides for determination of modern approaches to financial services market regulation in the EAEU and its member states, and allows to emphasize advantages and disadvantages of such regulation. Comparative analysis is applied to specifically investigate three subject areas of high relevance for global financial community: institutional forms of trade in financial instruments; organized trade in financial derivatives; organization of algorithmic and high-frequency algorithmic trading. Conclusion drawn is that the EU experience in the matters of financial markets regulation is of particular interest for the EAEU and its member states.

The “EU Brexit” implication on a single banking license and other aspects of financial markets regulation in the UK

Purpose The aim of the paper is to provide a review of potential Britain’s exit from the European Union (EU) and its implication on financial markets regulation in the EU and UK. It explores the terrain for financial markets regulation in the EU, pointing out how it impinges on the national legal system of EU countries and what it could mean for the UK. It navigates the legal reforms the UK will have to undertake to fill the void caused by its exit from the EU. Lastly, the paper proffers its thoughtful analysis of the reform to undertake if the UK exited the EU, both in the UK and the EU. Design/methodology/approach The paper has internalized empirical data generated by different interest groups on the implication of potential British exit from the EU on markets and other core issues which underpin the UK/EU relationship. These data were available in most major UK newspapers, academic journals and textbooks, especially in expositing conceptual and theoretical issues underpinning the paper. It has drawn comparisons with other jurisdictions, especially in East Africa, to demonstrate the inherent challenges in integration of regional markets on individual member countries. The paper also articulates other regulatory issues such as mutual recognition and the cost of Brexit on businesses in the EU/UK. Findings The findings of the paper confirm that British interests are likely to be better protected if it remains the member of the EU but could be undermined if it relinquishes its membership. Studies have been carried out by academic think tanks and the International Monetary Fund (IMF), and they all indicate that British exit from the EU could be counterproductive for the UK. Contemporary global challenges need global solutions, thus Britain will still need to forge alliance with EU countries. Research limitations/implications The limitation of the paper was that there are not many comparative studies carried out on countries which have exited regional market initiatives and their experiences after that. The paper has alluded to the experience of Uganda, which quit the East African Community (EAC) in 1977 and rejoined it 23 years later. In a crucial issue like Brexit, the paper would better evaluate the potential Brexit is drawing on experiences of countries which have exited and how they have fared after that. There were not many comparable case studies on countries which have exited regional markets. Practical implications The paper discusses important practical issues relating to Brexit and its implications on the UK/EU government and economies. It is practical because it weighs in on important policy and legal issues on regulation of markets in the post-Brexit era in the UK and EU. As the UK government goes for a referendum to decide its future relationship with EU, it will need to evaluate its decisions by internalizing academic literature on Brexit, such as this paper. Social implications The paper has social implications because Brexit will affect people and markets in varied ways. It addresses pertinent issues related to the UK and its implication in the post-Brexit era on the UK/EU economies. Originality/value The paper is timely, original and a must read because it discusses pertinent issues of the potential British exit and its implication for the UK and other stakeholders in a distinctive way.

EU's MiFID II still challenging despite delay

Subject Recent developments in EU financial markets regulation. Significance EU authorities have conceded that the January 2017 deadline for implementing the revised Markets in Financial Instruments Directive (MiFID II) must be pushed back, probably for a year. The postponement underlines a gap within the EU between tough rhetoric on financial market reform and the institutional ability to translate it into practice. However, EU regulators have made clear that the MiFID II delay will not spill over to slow other reforms -- for example, by moving to resolve a long-running dispute with the United States over derivatives clearing. Impacts Firms' compliance challenges will be formidable and are as yet undefined. The scope of these challenges will depend on formal adoption of the final texts of pending technical standards. The MiFID II delay vindicates concerns expressed by ESMA, and will buttress its authority.