Home > Catalogue > Ricerche giuridiche > 7 | 1 | 2018 > La Brexit nei rapporti tra banca e clientela: garanzia del mercato e tutela dell’investitore

La Brexit nei rapporti tra banca e clientela: garanzia del mercato e tutela dell’investitore

Andrea Miglionico    Lecturer in Banking and Financial Law nell'Università di Reading, Regno Unito    



This article examines the regulatory framework of banking and financial services after Brexit and discusses the potential scenarios in case of “no-deal” between the European Union and the United Kingdom. It provides an analysis of the implications of Brexit in the bank-customer relationship and investor protection: the risk of losing the EU passport regime represents the main issue for the mutual recognition among credit institutions. In this context, it is observed that the MiFID II directive and the principle of equivalence are suitable options to avoid practices of regulatory arbitrage and inconsistency in the implementation of regulatory actions. However, the complex negotiation of Brexit agreement determines a grey area for the governance of UK-EU financial services. This can leave room for discretion of supervisory authorities and can exacerbate the problems of different regulations.

June 18, 2018

Keywords: Regulatory arbitrageMutual recognitionBrexitEU passport regimePrinciple of equivalenceMiFID

Copyright: © 2018 Andrea Miglionico. This is an open-access work distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction is permitted, provided that the original author(s) and the copyright owner(s) are credited and that the original publication is cited, in accordance with accepted academic practice. The license allows for commercial use. No use, distribution or reproduction is permitted which does not comply with these terms.