Regulation 27 EquivalenceI1

United Kingdom

(1)

Article 30 (equivalence) is amended as follows.

(2)

In paragraph 1—

(a)

in the opening words—

(i)

for “Union” substitute “ United Kingdom ”;

(ii)

for “register referred to in Article 36” substitute “ FCA register ”;

(b)

for point (a) substitute—

“(a)
either:
(i)
the Treasury have made regulations in accordance with paragraph 2 or 3 of this Article; or
(ii)
the European Commission has adopted a decision before F1IP completion day in accordance with paragraph 2 or 3 of Article 30 of the EU Benchmarks Regulation;”;

(c)

in point (c)—

(i)

for “ESMA” substitute “ the FCA ”;

(ii)

for “Union”, both times it occurs, substitute “ United Kingdom ”.

(3)

In paragraphs 2 and 3—

(a)

in the opening words, for “Commission may adopt an implementing decision stating” substitute “ Treasury may by regulations specify ”;

(b)

omit the second subparagraph.

(4)

In paragraph 4—

(a)

in the opening words—

(i)

for “ESMA” substitute “ The FCA ”;

(ii)

after “2 or 3” insert “ of this Article (on or after F2IP completion day) or paragraph 2 or 3 of Article 30 of the EU Benchmarks Regulation (before IP completion day) ”;

(b)

in point (a), for “ESMA”, both times it occurs, substitute “ the FCA ”;

(c)

in point (b), for “ESMA” substitute “ the FCA ”.

(5)

For paragraph 5 substitute—

“
5
The FCA may make technical standards to determine the minimum content of the cooperation arrangements referred to in paragraph 4 so as to ensure that the FCA is able to exercise all its supervisory powers under this Regulation.”.

Annotations

Textual amendments

F1: Words in reg. 27(2)(b) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 34(g)(i)
F2: Words in reg. 27(4)(a)(ii) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 34(g)(ii)

Commencement

I1: Reg. 27 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)