Der finanz- und kapitalmarktrechtliche Gleichwertigkeitsmechanismus

The concept of equivalence, or substituted compliance, is of considerable relevance in current financial market and securities law. This is a regulatory mechanism which, roughly speaking, works as follows: a rule provides for favourable legal consequences - such as the registration of an investment services company - in the event that its object of regulation is already achieved in an equivalent manner by the regulations of another standard-setting body. Numerous implementations of this mechanism are to be found in the European Union's regulations on third countries, which have become increasingly significant against the backdrop of Brexit. So far, however, there is a lack of clarity about various aspects of equivalence. Tilman Imm's study shows that the widespread equivalence rules are cases of legally provided substitution and demonstrates the practical consequences of this finding.