Article 1 Subject matter

United Kingdom

This Regulation lays down the conditions under which the Generally Accepted Accounting Principles of a third country may be considered F1for the specified purposes as equivalent to F2UK-adopted international accounting standards and introduces a mechanism for the determination of such equivalence.

F3In this Regulation—

(a)

‘third country’ means a country outside the United Kingdom;

(b)

‘the specified purposes’ means the purposes of—

(i)

rules made by the Financial Conduct Authority that are F4... “transparency rules” as defined by section 89A(5) of F5the Financial Services and Markets Act 2000, and

(F6ii)

regulation 24 of the Public Offers and Admissions to Trading Regulations 2024;

(c)

‘UK-adopted international accounting standards’ has the meaning given by section 474(1) of the Companies Act 2006.

Annotations

Textual amendments

F1: Words in Art. 1 inserted (31.12.2020) by The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/707), regs. 1(2), 67(2)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, regs. 1(3), 29(2))); 2020 c. 1, Sch. 5 para. 1(1)
F2: Words in Art. 1 substituted (31.12.2020) by The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/707), regs. 1(2), 67(2)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, regs. 1(3), 29(2))); 2020 c. 1, Sch. 5 para. 1(1)
F3: Words in Art. 1 inserted (31.12.2020) by The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(4), 72 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2))); 2020 c. 1, Sch. 5 para. 1(1)
F4: Words in Art. 1(b)(i) omitted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by virtue of The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 37(2)(a)(i) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)
F5: Words in Art. 1(b)(i) substituted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 37(2)(a)(ii) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)
F6: Art. 1(b)(ii) substituted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 37(2)(b) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)