# Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (Text with EEA relevance), Article 30: Equivalence

Extent: E+W+S+N.I.

1. In order for a benchmark or a combination of benchmarks provided by an administrator located in a third country to be used in the United Kingdom in accordance with Article 29(1), the benchmark and the administrator shall be included in the FCA register. The following conditions shall be complied with in order to be included in the register:
(a) either:
(i) the Treasury have made regulations in accordance with paragraph 2 or 3 of this Article; or
(ii) the European Commission has adopted a decision before IP completion day in accordance with paragraph 2 or 3 of Article 30 of the EU Benchmarks Regulation;
(b) the administrator is authorised or registered, and is subject to supervision, in the third country in question;
(c) the FCA is notified by the administrator of its consent that its actual or prospective benchmarks may be used by supervised entities in the United Kingdom, of the list of the benchmarks for which they have given consent to be used in the United Kingdom and of the competent authority responsible for its supervision in the third country; and
(d) the cooperation arrangements referred to in paragraph 4 of this Article are operational.
2. The Treasury may by regulations specify that the legal framework and supervisory practice of a third country ensures that:
(a) administrators authorised or registered in that third country comply with binding requirements which are equivalent to the requirements under this Regulation, in particular taking account of whether the legal framework and supervisory practice of a third country ensures compliance with the IOSCO principles for financial benchmarks or, where applicable, with the IOSCO principles for PRAs; and
(b) the binding requirements are subject to effective supervision and enforcement on an on-going basis in that third country.
...
3. Alternatively, the Treasury may by regulations specify that:
(a) binding requirements in a third country with respect to specific administrators or specific benchmarks or families of benchmarks are equivalent to the requirements under this Regulation, in particular taking account of whether the legal framework and supervisory practice of a third country ensures compliance with the IOSCO principles for financial benchmarks or, where applicable, with the IOSCO principles for PRAs; and
(b) such specific administrators or specific benchmarks or families of benchmarks are subject to effective supervision and enforcement on an on-going basis in that third country.
...
4. The FCA shall establish cooperation arrangements with the competent authorities of third countries whose legal framework and supervisory practices have been recognised as equivalent in accordance with paragraph 2 or 3 of this Article (on or after IP completion day) or paragraph 2 or 3 of Article 30 of the EU Benchmarks Regulation (before IP completion day). Such arrangements shall specify at least:
(a) the mechanism for the exchange of information between the FCA and the competent authorities of third countries concerned, including access to all relevant information regarding the administrator authorised in that third country that is requested by the FCA;
(b) the mechanism for prompt notification to the FCA where a third country competent authority deems that the administrator authorised in that third country that it is supervising is in breach of the conditions of its authorisation or other national legislation in the third country;
(c) the procedures concerning the coordination of supervisory activities, including on-site inspections.
5. The FCA may make technical standards to determine the minimum content of the cooperation arrangements referred to in paragraph 4 so as to ensure that the FCA is able to exercise all its supervisory powers under this Regulation.

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Source: https://www.legislation.gov.uk/eur/2016/1011/article/30 (the official version)
Page: https://openlegislation.uk/eu-regulation-2016-1011/article-30
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.