# The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019, 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.”.

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Source: https://www.legislation.gov.uk/ukdsi/2019/9780111179208/regulation/27 (the official version)
Page: https://openlegislation.uk/draft-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.