Regulation 12 Equivalence decisions for the purposes of the definition of OTC derivatives

(1)

Article 2a is amended as follows.

(2)

In paragraph 1—

(a)

for “a regulated market within the meaning of Article 4(1)(14) of Directive 2004/39/EU” substitute “a UK regulated market within the meaning given in Article 2(1)(13A) of the MIFIR”;

(b)

for “laid down in Title III of that Directive” substitute “resulting from provisions of the law of the United Kingdom relied on before exit day to implement Title 3 of Directive 2014/65/EU”;

(c)

for the words from “the Commission” to the end of the paragraph substitute “the Treasury”.

(3)

In paragraph 2—

(a)

for “The Commission may adopt implementing acts” substitute “The Treasury may make regulations”;

(b)

for “laid down in Title III of Directive 2004/39/EC” substitute “resulting from provisions of the law of the United Kingdom relied on before exit day to implement Title 3 of Directive 2014/65/EU”;

(c)

omit from “Those implementing acts” to the end of the paragraph.

(4)

In paragraph 3—

(a)

for “The Commission and ESMA” “The Treasury and the FCA”;

(b)

for “implementing act referred to in” substitute “regulations made by the Treasury under”.