Abstract
This paper analyses the integration of financial market supervision at international level, particularly focusing on EU law and the actual processes taking place in this area considering Brexit as its part. Current legislative action at EU level has a significant impact on legislation in all member countries of European Union. This paper seeks, among other things, to find the causes of the increasingly ongoing process of integration of financial market supervision and determine whether or not the direction in which the international integration is going is the right one. The objective of this paper is to determine whether or not the process of integration increases the efficiency of financial market supervision itself and helps to develop the European single market, while simultaneously reducing systemic risk to financial market stability.
Highlights
The aim of this article is not merely to analyze the current status of financial market supervision, but is to propose a possible outcome to the current process that could happen in the near future to adjust supervision of the financial market
Incomplete form, the banking union presents a radical change that profoundly modifies the nature of European integration and the balance between member states and European institutions
The internal market is the real goal for the integration of the financial market, and supervision integration is only one aspect of this
Summary
The aim of this article is not merely to analyze the current status of financial market supervision, but is to propose a possible outcome to the current process that could happen in the near future to adjust supervision of the financial market. In Europe, this is already the well established and could be described as the supranational financial market, which functions alongside the existence of a banking union. The banking union is quite a new project and remains still not yet fully operational, but already leads the way of supervision within Europe. There is an interesting question of where Brexit will leave the economic status of the EU, including financial market supervision of the UK. Is it going to assume the position of another country in the agreement of the European Economic Area (the EEA) besides Norway, Iceland and Lichtenstein, or something else?
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