Third Countries and EU Financial Market Access : Technocracy, Politics, and the End of Deference?

This paper considers the recent evolution of the EU regime that governs third country access to the EU financial market in light of the withdrawal of the UK from the EU. It considers how the related political context can be associated with the regime pivoting away from its previously deference-based approach and becoming more restrictive and on-shored. The third country regime is also becoming more technocratic, in particular through the empowerment of the European Securities and Markets Authority (ESMA). The paper considers the implications, including that greater technocratic engagement may over time lead to a more facilitative approach