# The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019, Regulation 27: Equivalence

Extent: E+W+S+N.I.

(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 IP 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 IP 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.”.

---
Source: https://www.legislation.gov.uk/uksi/2019/657/regulation/27 (the official version)
Page: https://openlegislation.uk/benchmarks-amendment-and-transitional-provision-eu-exit-regulations-2019/regulation-27
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.