BREXIT VE MALİ HİZMETLER

Year 2021, , 245 - 265, 13.08.2021

İmre Ersoy

https://doi.org/10.32450/aacd.979227

Abstract

Brexit’in gerçekleşmesi Avrupa Birliği (AB) ve Birleşik Krallık (BK) arasındaki mali hizmetleri önemli ölçüde etkileyecektir. Bu etki Londra’nın Dünyanın küresel
finans merkezi olmasından ve AB-BK ilişkilerinin dayandığı mevcut pasaport rejiminin sona erecek olmasından kaynaklanmaktadır. Geçiş döneminde AB’nin
Kanada tarzı ve mali hizmetleri de kapsayan bir Serbest Ticaret Anlaşması (STA) yapması söz konusu olabilir. Ya da BK ile AB arasında karşılıklı ekonomik ilişkileri
düzenleyen başka bir model de söz konusu olabilir. Aksi takdirde geçiş döneminin sona ermesi ile beraber BK üçüncü ülke konumuna gelecektir. Böylece AB ve BK
arasında mali hizmetler ticareti Dünya Ticaret Örgütü’nün (DTÖ) Hizmetler Ticareti Genel Anlaşması (GATS) kuralları çerçevesinde yapılabilecektir. Bu da mali
firmaların Londra’dan AB-27’e göç etmelerine sebebiyet verecektir ve halihazırda bu süreç başlamıştır. Bu durumda BK firmaları belirli mali hizmet alanlarında AB
üçüncü ülke denklik rejimine tabii olabilecektir. Üçüncü ülke Denklik rejimi BK merkezli mali kurumlar için AB Tek Pazarına erişimin ciddi anlamda sınırlanacağı
anlamına gelmektedir. Bu durumdan en çok etkilenecek mali hizmetler başta bankacılık olmak üzere, sırasıyla piyasa altyapısı, aktif yönetimi ve sigorta ile
reasürans olacaktır. Brexit, finansal piyasalarda parçalanmışlığı da beraberinde getirecektir. Londra’nın finans merkezi olarak yerinin kısa sürede değişmeyeceği
kabul edilmekle beraber dört önemli şehir AB 27 toptan piyasalarına ev sahipliği yapacak gibi görünmektedir. Bu şehirler Frankfurt, Paris, Dublin ve Amsterdam’dır.

Keywords

Brexit, Mali Hizmetler, STA, GATS, Üçüncü ülke denklik rejimi

Brexit and Financial Services

Abstract

The realization of Brexit will significantly affect the financial services between the European Union (EU) and the United Kingdom (UK). This effect is due to the fact
that London is the global financial center of the world and the current passport regime on which EU-UK relations are based will end. During the transition period, it may be possible for the EU to make a Canadian type Free Trade Agreement (FTA) that includes financial services. Or it could be another model that regulates bilateral economic relations between the UK and the EU. Otherwise, once the transition period ends, the UK will become a third country. Thus, financial services trade between the EU and the UK will be handled within the framework of the rules of the World Trade Organization (WTO) General Agreement on Services Trade (GATS). This will cause financial firms to migrate from London to the EU-27 and this process has already started. For certain financial services, UK companies may then be subject to the EU third country Equivalence regime. The third country Equivalence regime means that for UK-based financial institutions access to the EU Single Market will be severely restricted. Financial services that will be most affected will be banking, market infrastructure, asset management, insurance and reinsurance, respectively. Brexit will also bring fragmentation in financial markets. Although it is accepted that London's place as a financial center will not change in a short period of time, it seems that four important cities will host the EU 27 wholesale markets. These cities are Frankfurt, Paris, Dublin and Amsterdam.

Keywords

Brexit, Financial Services, FTA, GATS, Third Country Equivalence Regime

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