Regulation 27 Equivalence

(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 exit 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 exit day) or paragraph 2 or 3 of Article 30 of the EU Benchmarks Regulation (before exit 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.”.