The Global Reach of EU Law Through the Regulation of Third-country CRAs and CCPs in the EU

Financial markets operate on a global scale, characterized by complex interactions and rapid changes. In the European Union (EU), cross-border financial services have introduced complexity, particularly with the participation of third-country providers. In this regard, the EU has endeavored to establish a regulatory framework that both bolsters its single financial market and aligns with international standards post-financial crises. This research explores the post-crisis regulatory frameworks governing third-country Credit Rating Agencies (CRAs) and Central Counterparties (CCPs) in the EU, with a focus on the extraterritorial implications of EU law instruments, such as endorsement and equivalence. Through a conceptual and legal framework, it will analyze how these instruments influence third-country CRAs and CCPs' legislation. To illustrate this impact, it will examine case studies of Australian CRAs and UK CCPs. This comprehensive study highlights the significance of EU financial regulations beyond its borders, offering valuable insights into the global financial landscape.