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The Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019
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Changes over time for: Paragraph 8
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- 12/03/2019- Amendment
- 30/06/2020- Amendment
- 31/12/2020
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The Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019, Paragraph 8 is up to date with all changes known to be in force on or before 27 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F18.—(1) For the purpose of Article 47(1) of MiFIR, to determine that the legal and supervisory arrangements of an EEA state ensure that firms authorised in that EEA state comply with legally binding prudential and business conduct requirements which have equivalent effect to the requirements set out in MiFIR, in the law of the United Kingdom which was relied on by the United Kingdom immediately before IP completion day to implement Directive 2013/36/EU and Directive 2014/65/EU, and in the implementing measures adopted under MiFIR and under those Directives and that the legal framework of that EEA state provides for an effective equivalent system for the recognition of investment firms authorised under third-country legal regimes.U.K.
(2) In sub-paragraph (1), the prudential and business conduct framework of an EEA state may be considered to have equivalent effect where that framework fulfils all the following conditions—
(a)firms providing investment services and activities in that state are subject to authorisation and to effective supervision and enforcement on an ongoing basis,
(b)firms providing investment services and activities in that state are subject to sufficient capital requirements and appropriate requirements applicable to shareholders and members of their management body,
(c)firms providing investment services and activities are subject to adequate organisational requirements in the area of internal control functions,
(d)firms providing investment services and activities are subject to appropriate conduct of business rules, and
(e)it ensures market transparency and integrity by preventing market abuse in the form of insider dealing and market manipulation.]
Textual Amendments
F1Sch. 1 para. 8 substituted (30.6.2020) by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(2), 11(5)(e)
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