This article considers the recent evolution of the EU’s third country regime for capital market access in light of Brexit, the important series of legislative reforms adopted in March 2019 as the 2014-2019 European Parliament/Commission term closed, and the emergence of the European Securities and Markets Authority (ESMA) as a material technocratic influence. The article suggests that while the capital market third country regime is changing (with Brexit a key but not exclusive driver of change), it is not being radically recast, although it is tightening. The regime remains broadly based on the more-or-less liberal ‘deference’ model which has long characterised EU third-country financial services policy. But it is becoming increasingly ‘on-shored’ by means of the direct application of EU rules and by ESMA’s oversight/supervision of certain third country actors. The significantly more restrictive approach being taken to third country central clearing counterparties is a marked development, but here the political and economic context is distinct. The implications of the overall shift towards a more ‘on-shore’, centralised, and potentially restrictive access regime are considered, and a modest reform prescription is offered.

中文翻译：

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脱欧阴影下对欧盟资本市场第三国体制的思考

本文考虑了英国退欧的背景下欧盟第三国资本市场准入制度的最新演变，随着2014年3月欧洲议会/委员会任期结束而在2019年3月通过的一系列重要立法改革以及欧洲证券的出现和市场管理局（ESMA）作为重要的技术官僚机构。文章建议，尽管资本市场第三国制度正在发生变化（英国退欧是关键但并非排他性的推动因素），但尽管它正在收紧，但并未从根本上进行重铸。该政权大致上仍以或多或少的自由“尊重”模式为基础，该模式长期以来一直是欧盟第三国金融服务政策的特征。但是，通过直接应用欧盟规则以及ESMA对某些第三国行为者的监督/监督，它变得越来越“岸上”。对第三国中央清算对手采取的更为严格的限制办法是一个明显的发展，但是这里的政治和经济背景是截然不同的。考虑了总体上向“岸上”，集中化和潜在限制访问机制转变的意义，并提出了适度的改革方案。