# The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019, Regulation 67: Commission Regulation (EC) No 1569/2007


(1) Commission Regulation (EC) No 1569/2007 of 21 December 2007 establishing a mechanism for the determination of equivalence of accounting standards applied by third country issuers of securities pursuant to Directives 2003/71/EC and 2004/109/EC of the European Parliament and of the Council is amended as follows.
(2) In Article 1 (subject matter)—
(a) after “considered” insert “for the specified purposes as”;
(b) for the words from “International” to “IFRS)” substitute “UK-adopted international accounting standards”;
(c) at the end insert—
“In this Regulation—
(a) “third country” means a country outside the United Kingdom, and
(b) “the specified purposes” means the purposes of—
(i) rules made by the Financial Conduct Authority that are “prospectus rules” as defined by section 73A(4) of the Financial Services and Markets Act 2000 or “transparency rules” as defined by section 89A(5) of that Act, and
(ii) Commission Regulation (EC) No 809/2004 of 29 April 2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements;
(c) “UK-adopted international accounting standards” has the meaning given by section 474(1) of the Companies Act 2006.”
(3) In Article 2 (equivalence)—
(a) after “considered” insert “for the specified purposes as”;
(b) for the words from “IFRS adopted” to “No 1606/2002” substitute “UK-adopted international accounting standards”;
(c) for “in accordance with IFRS” substitute “in accordance with UK-adopted international accounting standards”.
(4) In Article 3 (equivalence mechanism)—
(a) in the first paragraph—
(i) for “Commission” substitute “Treasury”;
(ii) for “competent authority of a Member State” substitute “Financial Conduct Authority”;
(b) for the second paragraph substitute—
“Before making a determination of equivalence, the Treasury must consult the Secretary of State.
A determination of equivalence is to be made by the Treasury by regulations made by statutory instrument.”.
(5) After Article 3 insert—
“Article 3A
Treasury regulations under Article 3
1. Regulations made by the Treasury under Article 3 may—
(a) contain incidental, supplemental, consequential and transitional provision,
(b) make different provision for different purposes, and
(c) amend or revoke Commission Decision (EC) No 2008/961 on the use by third countries’ issuers of securities of certain third country’s national accounting standards and International Financial Reporting Standards to prepare their consolidated financial statements.
2. A statutory instrument containing regulations made by the Treasury under Article 3 is subject to annulment in pursuance of a resolution of either House of Parliament.”.
(6) Omit Article 4 (conditions for the acceptance of third country accounting standards for a period ending no later than 31 March 2016).
(7) Omit Article 5 (entry into force and application).

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Source: https://www.legislation.gov.uk/ukdsi/2019/9780111178881/regulation/67 (the official version)
Page: https://openlegislation.uk/draft-official-listing-of-securities-prospectus-and-transparency-amendment-etc-eu-exit-regulations-2019/regulation-67
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.