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The Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019
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- Offerynnau Statudol y Deyrnas Unedig
- 2019 No. 541
- SCHEDULE 1
- Markets in Financial Instruments
Pa Fersiwn
Nodweddion Uwch
- Dangos Graddfa Ddaearyddol(e.e. Lloegr, Cymru, Yr Alban aca Gogledd Iwerddon)
- Dangos Llinell Amser Newidiadau
Rhagor o Adnoddau
Changes over time for: Markets in Financial Instruments
Alternative versions:
Changes to legislation:
The Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019, Markets in Financial Instruments is up to date with all changes known to be in force on or before 16 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.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Schedule 1 Part 5:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Markets in Financial InstrumentsU.K.
5.—(1) For the purposes of Article 23 of [F1MiFIR] and paragraph 8 of Schedule 3 to MIFIR, to determine whether the legal and supervisory framework of an EEA state ensures that a trading venue or regulated market, as appropriate, authorised in that country complies with legally binding requirements which are equivalent to the requirements resulting from MAR, Title II of MiFIR, and the law of the United Kingdom which was relied on by the United Kingdom immediately before [F2IP completion day] to implement Title III of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments M1 and Directive 2004/109/EC of the European Parliament and of the Council on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market (“Transparency Directive) M2, in accordance with paragraph 8(2) of Schedule 3 to Regulation (EU) 600/2014, and which are subject to effective supervision and enforcement in that EEA state.U.K.
(2) For the purposes of Article 28 of MiFIR, to determine that the legal and supervisory framework of an EEA state ensures that a trading venue authorised in that country complies with legally binding requirements which are equivalent to the requirements for the trading venues referred to in paragraph 1(a), (b) or (c) of Article 28 of MiFIR, resulting from MiFIR, the law of the United Kingdom which was relied on by the United Kingdom immediately before [F3IP completion day] to implement Directive 2014/65/EU, and Regulation (EU) No 596/2014, and which are subject to effective supervision and enforcement in that EEA state, in accordance with Article 28(4) of MiFIR.
(3) A determination made under [F4sub-paragraph (2)] may be limited to a category of trading venues.
Textual Amendments
F1Word in Sch. 1 para. 5(1) substituted (30.6.2020) by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(2), 11(5)(d)
F2Words in Sch. 1 para. 5(1) substituted (30.6.2020) by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(2), 11(5)(f)(ii)
F3Words in Sch. 1 para. 5(2) substituted (30.6.2020) by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(2), 11(5)(f)(iii)
F4Words in Sch. 1 para. 5(3) substituted (25.10.2019) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 3) Regulations 2019 (S.I. 2019/1390), regs. 1(3), 7(b)
Commencement Information
I1Sch. 1 para. 5 in force at 12.3.2019, see reg. 1(3)
Marginal Citations
M1OJ L 173, 12.6.2014, p. 349–496, as amended.
M2OJ L390, 31.12.2004, p. 38, as amended.
6. For the purposes of Article 33 of MiFIR, to determine that the legal, supervisory and enforcement arrangements of an EEA state—U.K.
(a)are equivalent to the requirements resulting from Articles 28 and 29 of MiFIR;
(b)ensure protection of professional secrecy that is equivalent to that set out in MiFIR;
(c)are being effectively applied and enforced in an equitable and non-distortive manner so as to ensure effective supervision and enforcement in that EEA state.
Commencement Information
I2Sch. 1 para. 6 in force at 12.3.2019, see reg. 1(3)
7. For the purposes of Article 38(3) of MiFIR, to determine that the legal and supervisory framework of an EEA state ensures that a trading venue and CCP authorised in that EEA state complies with legally binding requirements which are equivalent to the requirements referred to in the second subparagraph of paragraph 3 of Article 38 of MiFIR and which are subject to effective supervision and enforcement in that EEA state.U.K.
Commencement Information
I3Sch. 1 para. 7 in force at 12.3.2019, see reg. 1(3)
[F58.—(1) For the purpose of Article 47(1) of MiFIR, to determine that the legal and supervisory arrangements of an EEA state ensure that firms authorised in that EEA state comply with legally binding prudential and business conduct requirements which have equivalent effect to the requirements set out in MiFIR, in the law of the United Kingdom which was relied on by the United Kingdom immediately before IP completion day to implement Directive 2013/36/EU and Directive 2014/65/EU, and in the implementing measures adopted under MiFIR and under those Directives and that the legal framework of that EEA state provides for an effective equivalent system for the recognition of investment firms authorised under third-country legal regimes.U.K.
(2) In sub-paragraph (1), the prudential and business conduct framework of an EEA state may be considered to have equivalent effect where that framework fulfils all the following conditions—
(a)firms providing investment services and activities in that state are subject to authorisation and to effective supervision and enforcement on an ongoing basis,
(b)firms providing investment services and activities in that state are subject to sufficient capital requirements and appropriate requirements applicable to shareholders and members of their management body,
(c)firms providing investment services and activities are subject to adequate organisational requirements in the area of internal control functions,
(d)firms providing investment services and activities are subject to appropriate conduct of business rules, and
(e)it ensures market transparency and integrity by preventing market abuse in the form of insider dealing and market manipulation.]
Textual Amendments
F5Sch. 1 para. 8 substituted (30.6.2020) by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(2), 11(5)(e)
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