The Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020 No. 1055

SCHEDULE 2 U.K. Cooperation arrangements before IP completion day

Cooperation arrangements for the purposes of Article 30(4) of the Benchmarks Regulation U.K.

1.  For the purposes of Article 30(4) of the Benchmarks Regulation, cooperation arrangements must specify, at least, the following—

(a) a mechanism for the exchange of information between the FCA and the EEA regulator for an EEA state, including access to all relevant information regarding the administrator authorised in that EEA state that is requested by the FCA;

(b) a mechanism for prompt notification to the FCA where the EEA regulator deems that the administrator authorised in that EEA state that it is supervising is in breach of the conditions of its authorisation or other national legislation in that EEA state; and

(c) procedures concerning the coordination of supervisory activities, including on-site inspections.

Commencement Information

I1 Sch. 2 para. 1 in force at 30.9.2020, see reg. 1(2)