Regulation 33 Provision of services and performance of activities by third-country firms following an equivalence decision

(1)

In Article 46—

(a)

in paragraph 1—

(i)

for “established throughout the Union” substitute “in the United Kingdom”;

(ii)

for “the meaning of Section I of Annex II to Directive 2014/65/EU”, substitute “Part 2 of Schedule 1 to this Regulation”;

(iii)

for “ESMA” substitute “the FCA”;

(b)

in paragraph 2—

(i)

in the opening words—

(aa)

for “ESMA” substitute “The FCA”;

(bb)

for “throughout the Union” substitute “in the United Kingdom”;

(ii)

in point (a), insert at the end “before exit day which has not been revoked before exit day, or the Treasury has adopted a decision in accordance with that Article after exit day,”;

(iii)

in point (b), for “Union” substitute “United Kingdom”;

(c)

omit paragraph 3;

(d)

in paragraph 4—

(i)

in the first subparagraph—

(aa)

for “ESMA” substitute “the FCA”;

(bb)

after “adoption”, insert “before exit day”;

(cc)

after “determining”, insert “or the making of regulations under that Article by the Treasury specifying”;

(ii)

in the second subparagraph, for “ESMA” each time it appears, substitute “the FCA”;

(iii)

in the fourth subparagraph, for “ESMA” substitute “the FCA”;

(iv)

omit the fifth subparagraph;

(e)

in paragraph 5—

(i)

for “Union” each time it appears, substitute “United Kingdom”;

(ii)

omit “Member States shall ensure that”;

(iii)

for “the meaning of Section I of Annex II to Directive 2014/65/EU”, both times it appears, substitute “Part 2 of Schedule 1 to this Regulation”;

(f)

in paragraph 6—

(i)

for “Union” substitute “United Kingdom”;

(ii)

for “a Member State” substitute “the United Kingdom”;

(g)

in paragraph 7—

(i)

in the first sub-paragraph—

(aa)

for “ESMA shall develop draft regulatory” substitute “The FCA may make”;

(bb)

for “to ESMA” substitute “to the FCA”;

(ii)

omit the second and third sub-paragraphs.

(2)

In Article 47—

(a)

in the heading, for “decision” substitute “determination”;

(b)

in paragraph 1—

(i)

for “The Commission may adopt a decision in accordance with the examination procedure referred to in Article 51(2) in relation to a third country stating that the legal and supervisory arrangements of that third country” substitute “The Treasury may by regulations specify that the legal and supervisory arrangements of a third country”;

(ii)

after “this Regulation” insert “, in the law of the United Kingdom which was relied on by the United Kingdom before exit day to implement”;

(c)

in paragraph 2—

(i)

for “ESMA”, each time it occurs, substitute “the FCA”;

(ii)

for “non-Union” substitute “non-United Kingdom”;

(d)

omit paragraph 3;

(e)

in paragraph 4, for “the Commission adopts a decision in accordance with the examination procedure referred to in Article 51(2) withdrawing its decision” substitute “the Treasury revokes regulations made”.

(3)

In Article 48—

(a)

for “ESMA” both times it appears, substitute “the FCA”;

(b)

for “the Union” substitute “the United Kingdom”.

(4)

In Article 49—

(a)

in paragraph 1—

(i)

for “ESMA” each time it appears, substitute “the FCA”;

(ii)

for “Union” each time it appears, substitute “United Kingdom”;

(iii)

in point (b), for “the Commission has adopted the Decision” substitute “the Treasury has made regulations”;

(b)

in paragraph 2—

(i)

for “ESMA” substitute “The FCA”;

(ii)

for “the Commission” substitute “the Treasury”;

(c)

in paragraph 3—

(i)

for “Commission” substitute “Treasury”;

(ii)

for “a decision in accordance with Article 47(1) has been adopted” substitute “regulations under Article 47(1) have been made”.