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The Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020
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- UK Statutory Instruments
- 2020 No. 1055
- PART 2
- Regulation 5
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5.—(1) Where an application has been made under regulation 4, the UK regulator must decide that application in accordance with the paragraph of Schedule 3 to which the application relates.
(2) Where the decision under paragraph (1) is that the application meets the applicable requirements of regulation 4 and Schedule 3, the UK regulator must issue the regulatory decision to the applicant promptly.
(3) Where the decision under paragraph (1) is that the application does not meet the applicable requirements of regulation 4 and Schedule 3, the UK regulator must notify the applicant promptly and in writing of the reasons for refusal.
(4) The UK regulator must make a decision under paragraph (1) within the period of one year beginning with the first day on which—
(a)the applicant has submitted a complete application; and
(b)relevant cooperation arrangements have been established in relation to the EEA State to which the application relates, where required under the paragraph of Schedule 3 to which the application relates.
(5) A regulatory decision may not have effect before IP completion day.
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