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17 ECFR 1 (2020)

handle is hein.journals/ecomflr17 and id is 1 raw text is: Editors' Note: Brexit, Butterflies and the International Organization of Securities Commissions (IOSCO) by PIERRE-HENRI CONAC* and HiLENE Ruiz FABRI** The 10th anniversary of the great financial crisis of 2008 has been characterised by a sense of complacency and self congratulation. The crisis is a distant mem- ory. The regulatory agenda driven by the G20 has been implemented and has provided results: no significant area of finance has been left unregulated. At the same time, the international financial architecture has been deeply reformed with an upgraded Financial Stability Board (FSB) and an extended Basel Com- mittee on Banking Supervision. Finally, an unprecedented level of central banks monetary stimulus has pushed financial markets to regular record highs with a swiss-clock predictability. This sense of calm, which may be deceptive, has led to a lack of thinking about whether the global financial architecture is apt to address the future challenges rather than just those of the past. Generals should not prepare the last war but the next. Indeed, 12 years after the global financial crisis of 2008 new risks, such as increased market fragmentation and breakdowns in established rela- tionships (ie Brexit) have emerged. One key international player has been left relatively untouched after the 2008 crisis: the International Organization of Securities Commissions (IOSCO). This is not surprising, since there is a strong perception - right or wrong - that the 2008 crisis was a banking crisis much more than a financial markets crisis. Since then, however, new risks have emerged mostly in financial markets. One of the issues is how equivalence and deference among jurisdictions can lead to more integrated cross border activities while maintaining financial sta- bility. Brexit provided the spark to an issue which has been slowly growing in importance. Since Brexit, the issue of equivalence and recognition has become Professor of Financial Markets Law at the University of Luxembourg and ECGI Re- search Member. Professor and Director, Max Planck Institute Luxembourg for Procedural Law.

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