Explanatory note

These Regulations are made under powers conferred by Article 51(1) of, and paragraph 8(1) of Schedule 3 to, Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, as it has effect in the UK (“MiFIR”). These powers have been added to MiFIR (and subsequently amended) by relevant EU exit instruments – in particular, S.I. 2018/1403, S.I. 2019/576 and S.I. 2019/710.

These Regulations provide that the Swiss trading venues BX Swiss AG and SIX Swiss Exchange AG are to be regarded as equivalent for the purposes of Article 23(1) of MiFIR, with the legal and supervisory framework of Switzerland having satisfied the requirements in Article 23(4) of, and the relevant parts of paragraph 8 of Schedule 3 to, MiFIR.

A de minimis impact assessment has been produced for this instrument and is available at www.legislation.gov.uk.