| Abstract |
"The fragmentation of financial markets is growing. The reason behind this is not only the increasingly extraterritorial regulation of states following the Global Financial Crisis. Protectionist tendencies are also on the rise, as evidenced by Brexit, emerging trade conflicts and the EU's tightening of its foreign trade policy. This development poses considerable risks. This book analyses a concept that can help overcome market fragmentation: deference. Deference is a form of (mutual) recognition whereby states waive their regulation of foreign service providers to the extent that they are sufficiently supervised in their home state. This concept has been widely implemented in the EU and Switzerland in the form of equivalence. Although not to the same extent, a mechanism of mutual recognition has also been introduced in the US under the name of substituted compliance. The present work examines these mechanisms from a comparative, economic, constitutional, and public international law perspective. It advocates a depoliticisation, strengthening and expansion of deference to reinforce the global financial architecture"-- Provided by publisher. |
