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”.