Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/179517
Authors: 
Friedrich, Jan
Resch, Christian
Thiemann, Matthias
Year of Publication: 
2018
Series/Report no.: 
SAFE Policy Letter No. 70
Abstract: 
In the context of Brexit, changes to the regulatory architecture of CCPs that empower the European securities markets regulator are under way to prevent the threat of a regulatory race to the bottom. However, this empowerment currently leaves the national supervision of common European rules within the EU intact. This policy letter argues that supervisory arbitrage is as much a threat within the EU as outside of it, wherefore a common supervision of CCP rules in the EU is called for. The paper traces the origins of the current set-up and criticizes the current regulatory proposal by the EU Commission as too cumbersome while discussing possible ways forward to achieve European supervision. In contrast to the current proposal of the Commission, we call for a unified supervision within ESMA, combined with a European fiscal backstop.
Subjects: 
Central Counterparties
European Supervisory Architecture
Capital Markets Union
regulatory arbitrage
EMIR
supervisory arbitrage
Persistent Identifier of the first edition: 
Document Type: 
Research Report

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