Equivalence and Substituted Compliance in Financial Markets Law

Increasingly extraterritorial regulation, protectionist tendencies, and the EU's tightening of its foreign trade policy lead to legal fragmentation in financial markets. Equivalence and Substituted Compliance in Financial Markets Law champions deference as a viable concept to counteract this development. The book examines the mechanisms of equivalence and substituted compliance in the European Union, Switzerland, and the United States from a comparative, economic, and constitutional perspective. It argues for the expansion of deference in international finance and provides an outlook on the future of global finance architecture.

Format: Hardback
Length: 400 pages
Publication date: 30 May 2023
Publisher: Oxford University Press

The increasing trend of extraterritorial regulation, protectionist tendencies, and the EU's tightening of its foreign trade policy has resulted in a growing legal fragmentation that starkly contrasts with the realities of global financial markets. This fragmentation can lead to restricted market access and poses significant legal and economic risks. In response to this development, Equivalence and Substituted Compliance in Financial Markets Law advocates for deference as a viable concept to counteract this trend. The book delves into the mechanisms of equivalence and substituted compliance in the European Union, Switzerland, and the United States from a comparative, economic, and constitutional perspective. It discusses questions of national law, EU law, and world trade law, providing an in-depth analysis of equivalence and addressing the critical question of how to design a global financial architecture in the future.

Chapter One provides an overview of the development of mutual recognition within the European Union and the current equivalence practices. Chapter Two examines similar frameworks in Switzerland, while Chapter Three explores similar approaches in the United States. Chapter Four concludes by offering an outlook on the future of global finance architecture and advocates for the expansion of deference in international finance.

In conclusion, the book offers valuable insights into the dynamics of equivalence and substituted compliance in financial markets law. It highlights the challenges and opportunities arising from the growing legal fragmentation and advocates for a more deference-based approach to international finance. By examining the experiences of different countries and regions, the book contributes to the ongoing debate about the future of global finance architecture and provides valuable recommendations for policymakers and practitioners.

Weight: 832g
Dimension: 242 x 165 x 25 (mm)
ISBN-13: 9780198876748