Regulation 2 Overseas recognition regime designations

(1)

For the purposes of these Regulations, an “overseas recognition regime designation” is a designation (however described) by the Treasury made under—

(a)

a provision listed in the Schedule, or

(b)

any other enactment which provides that the law and practice which applies in another country or territory in relation to a relevant area of law and practice—

(i)

is equivalent to, or

(ii)

has equivalent effect, taken as a whole, to,

the law and practice of the United Kingdom.

(2)

In paragraph (1)—

(a)

a reference to a relevant area of law and practice is to any such area that relates to financial services or markets (whether generally or in respect of particular matters);

(b)

“territory” includes the European Union and any other international organisation or authority comprising countries or territories.