The Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019

EMIR U.K.

4.—(1) For the purposes of Article 2A of EMIR, to determine that a third-country market complies with legally binding requirements which are— U.K.

(a) equivalent to the requirements laid down in the law of the United Kingdom which were relied on by the United Kingdom immediately before [F1 IP completion day] to implement Title III of [F2 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU]; and

(b) subject to effective supervision and enforcement in that EEA state on an ongoing basis for the purposes of Article 2A(1) of EMIR.

(2) For the purposes of Article 13 of EMIR, to determine that the legal, supervisory and enforcement arrangements of an EEA state—

(a) are equivalent to the requirements laid down under Articles 4, 9, 10 and 11 of EMIR;

(b) ensure protection of professional secrecy that is equivalent to that set out in that Regulation; and

(c) are being effectively applied and enforced in an equitable and non-distortive manner so as to ensure effective supervision and enforcement in that EEA state.

Textual Amendments

F1 Words in Sch. 1 para. 4(1)(a) substituted (30.6.2020) by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(2), 11(5)(f)(i)

F2 Words in Sch. 1 para. 4(1)(a) substituted (6.9.2019) by The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212), regs. 1(2), 19(2)

Commencement Information

I1 Sch. 1 para. 4 in force at 12.3.2019, see reg. 1(3)

[F3 4A.— (1) For the purposes of Article 75(1) of EMIR, to determine that the legal and supervisory arrangements of an EEA state ensure that— U.K.

(a) trade repositories authorised in that EEA state comply with legally binding requirements which are equivalent to those laid down in EMIR including, where relevant, compliance with the requirements to give direct and immediate access to the data held by the trade repository to the entities referred to in Article 81(3) of EMIR,

(b) effective supervision and enforcement of trade repositories takes place in that EEA state on an ongoing basis, and

(c) guarantees of professional secrecy exist, including the protection of business secrets shared with third parties by the authorities, and that they are at least equivalent to those set out in EMIR.

(2) Directions under regulation 2(1) must also specify the relevant authorities in that EEA state that are entitled to access data held by trade repositories established in the United Kingdom.

Textual Amendments

F3 Sch. 1 paras. 4A, 4B inserted (30.6.2020) by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(2), 11(5)(c)

4B.   For the purposes of Article 76a of EMIR, and upon the submission of a request by the relevant authorities of an EEA state, the Treasury may determine whether the legal framework of an EEA state of the requesting authority fulfils all of the following conditions— U.K.

(a) trade repositories established in that EEA state are duly authorised,

(b) effective supervision and enforcement of trade repositories takes place in that EEA state on an ongoing basis,

(c) guarantees of professional secrecy exist, including the protection of business secrets shared with third parties by the authorities, and they are at least equivalent to those set out in EMIR, and

(d) trade repositories authorised in that EEA state are subject to a legally binding and enforceable obligation to grant the entities referred to in Article 81(3) of EMIR direct and immediate access to the data.]

Textual Amendments

F3 Sch. 1 paras. 4A, 4B inserted (30.6.2020) by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(2), 11(5)(c)