Regulation 67 Commission Regulation (EC) No 1569/2007I1

United Kingdom

(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 ”;

F1(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(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).

Annotations

Textual amendments

F1: Reg. 67(2)(c) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 22 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))

Commencement

I1: Reg. 67 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)