La Brexit nei rapporti tra banca e clientela: garanzia del mercato e tutela dell’investitore
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.
Keywords: Regulatory arbitrage • MiFID • Mutual recognition • Principle of equivalence • Brexit • EU passport regime