Search Legislation

The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes to legislation:

The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019, Section 67 is up to date with all changes known to be in force on or before 31 October 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Commission Regulation (EC) No 1569/2007U.K.

This section has no associated Explanatory Memorandum

67.—(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 3AU.K.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).

Textual Amendments

F1Reg. 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 Information

I1Reg. 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)

Back to top

Options/Help