Regulating European financial markets between crisis and Brexit

Purpose - This paper aims to demonstrate how the European regulatory structure of the financial markets has changed after the financial crisis. Drawing from these findings, it discusses how the regulatory system might change and be adapted to a post-Brexit financial market. Design/methodology/approach - The paper takes a systematic/legal approach. First, it analyses the recent reform against the background of European law and corresponding research. In a second step, it discusses the implications of Brexit by examining policy and legal contributions. Findings - The changes to the European regulatory and supervisory structure of the financial markets have proven to be a pacemaker for European administrative and treaty law. Long-standing principles have fundamentally changed. Brexit, on the other hand, even though equally severe might not lead to similar results. Practical implications - The paper proposes a limited reform to the existing regulatory structure to consolidate developments, ease constitutional frictions and enable the regulatory authorities to react quickly to volatile markets via rule making. Originality/value - The paper draws attention to an almost unnoticed development in European law. It also illustrates the effects of Brexit on the European financial markets.