Brexit and financial services: (yet) another re-ordering of institutional governance for the EU financial system?

This article considers the potential impact of the withdrawal of the UK on EU financial services law and its institutional arrangements. While speculation is currently perilous, this article suggests that the impact of Brexit on EU financial governance will be contained and most likely limited. The greatest uncertainty relates to the EU’s evolving supervisory/institutional arrangements. Brexit may be one of the factors which leads to a significant future empowerment of the European Supervisory Authorities, and in particular the European Securities and Markets Authority. But it is only one of a range of complex, dynamic and symbiotic political forces, institutional interests, legal constraints and functional challenges which must combine in the EU’s governance reform crucible if material reform is to follow.