TY  - UNPD
A1  - Friedrich, Jan
A1  - Resch, Christian
A1  - Thiemann, Matthias
T1  - If you do it, do it right – the need for a Common European Supervisory Architecture for CCPs
T2  - SAFE policy letter series ; 70
N2  - 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.
T3  - SAFE policy letter - 70 
KW  - Central Counterparties
KW  - European Supervisory Architecture
KW  - Capital Markets Union
KW  - regulatory arbitrage
KW  - EMIR
KW  - supervisory arbitrage
Y1  - 2018
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/46685
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-466854
UR  - https://safe-frankfurt.de/de/policy-center/publikationen/detailsview/publicationname/if-you-do-it-do-it-right-the-need-for-a-common-european-supervisory-architecture-for-ccps.html
PB  - SAFE
CY  - Frankfurt am Main
ER  -