Equivalence directionsU.K.
2.—(1) The Treasury may, by direction, in relation to countries which are EEA states, make a determination set out in Schedule 1 for the purposes set out in that Schedule.
[F1(1A) For the purposes of making determinations under paragraph (1), the Treasury may consider (among other things)—
(a)sanctions, embargos or similar measures issued by, for example, the European Union or the United Nations; and
(b)whether the relevant EEA state is a “high-risk third country” within the meaning of regulation 33(3) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
(1B) Directions under paragraph (1) may contain such conditions for or limitations on the applicability of an equivalence direction as the Treasury considers appropriate.]
(2) A direction given under paragraph (1)—
(a)may have effect only on or after [F2IP completion day]; and
[F3(b)ceases to have effect on the date on which—
(i)it is revoked by a direction under paragraph (1) or by any other enactment; or
(ii)regulations made by the Treasury, which contain a determination to the same effect, come into force.]
(3) The Treasury must lay a copy of any equivalence direction given by it under paragraph (1) before Parliament.
(4) The Treasury must publish any direction given under paragraph (1) in a way appearing to the Treasury to be best calculated to bring it to the attention of the public.
(5) No equivalence direction may be given under paragraph (1) after [F4IP completion day].
(6) The power of the Treasury under paragraph (1) includes the power to revoke or vary an equivalence direction at any time.
Textual Amendments
F1Reg. 2(1A)(1B) inserted (30.6.2020) by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(2), 11(3)(a)
F2Words in reg. 2(2)(a) substituted (30.6.2020) by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(2), 11(3)(b)
F3Reg. 2(2)(b) substituted (31.12.2020 immediately before IP completion day) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(2), 24; 2020 c. 1, Sch. 5 para. 1(1)
F4Words in reg. 2(5) substituted (30.6.2020) by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(2), 11(3)(c)
Commencement Information
I1Reg. 2 in force at 12.3.2019, see reg. 1(3)