PART 10Amendment of retained direct EU legislation
I156
In Article 5—
F1a
in paragraph 1—
i
for “Union” substitute “United Kingdom”;
ii
for point (b) substitute—
b
the legal and supervisory framework of that third country has been recognised as equivalent to the requirements of this Regulation—
i
by the Treasury in accordance with paragraph 6 of this Article; or
ii
by a decision adopted by the European Commission in accordance with Article 5(6) of EU CRAR before IP completion day that forms part of retained EU law;
iii
in point (c)—
aa
before “the”, insert “where point (b)(i) applies,”;
bb
for “are operational” substitute “have been established by the FCA in accordance with that paragraph and are operational”;
iv
in point (d), for “one or more Member States” substitute “the United Kingdom”;
b
in paragraph 2, for “ESMA”, substitute “
the FCA
”
;
c
in paragraph 3, for “ESMA”, substitute “
The FCA
”
;
d
in paragraph 4—
i
in point (b), for “Union”, substitute “
United Kingdom
”
;
ii
in the second paragraph—
aa
for “ESMA”, in each place it occurs, substitute “
the FCA
”
;
bb
for “one or more Member States”, substitute “
the United Kingdom
”
;
e
in paragraph 6—
F3i
in subparagraph 1, for “The Commission may adopt an equivalence decision in accordance with the regulatory procedure referred to in Article 38(3), stating” substitute “
The Treasury may specify by regulations
”
;
ii
in subparagraph 3, for “the Commission shall adopt, by means of delegated acts in accordance with Article 38a, and subject to the conditions of Articles 38b and 38c, measures” substitute “
The Treasury may make regulations
”
;
F2f
in paragraph 7—
i
for “ESMA shall establish cooperation agreements” substitute “The FCA must take such steps as it considers appropriate to establish cooperation arrangements”;
ii
for “in accordance with paragraph 6” substitute “by the Treasury in accordance with paragraph 6 of this Article or by a decision adopted by the European Commission in accordance with Article 5(6) of EU CRAR before IP completion day that forms part of retained EU law”;
iii
in point (a), for “ESMA” substitute “the FCA”;
g
in paragraph 8, omit “, 23b”.