The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019

Commission Regulation (EC) No 1569/2007 U.K.

67.—(1) Commission Regulation (EC) No 1569/2007 of 21 December 2007 establishing a mechanism for the determination of equivalence of accounting standards applied by third country issuers of securities pursuant to Directives 2003/71/EC and 2004/109/EC of the European Parliament and of the Council is amended as follows.

(2) In Article 1 (subject matter)—

(a) after “considered” insert “ for the specified purposes as ”;

(b) for the words from “International” to “IFRS)” substitute “ UK-adopted international accounting standards ”;

F1 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) In Article 2 (equivalence)—

(a) after “considered” insert “ for the specified purposes as ”;

(b) for the words from “IFRS adopted” to “No 1606/2002” substitute “ UK-adopted international accounting standards ”;

(c) for “in accordance with IFRS” substitute “ in accordance with UK-adopted international accounting standards ”.

(4) In Article 3 (equivalence mechanism)—

(a) in the first paragraph—

(i) for “Commission” substitute “ Treasury ”;

(ii) for “competent authority of a Member State” substitute “ Financial Conduct Authority ”;

(b) for the second paragraph substitute—

“Before making a determination of equivalence, the Treasury must consult the Secretary of State.

A determination of equivalence is to be made by the Treasury by regulations made by statutory instrument.”.

(5) After Article 3 insert—

“Article 3A U.K. Treasury regulations under Article 3

1.   Regulations made by the Treasury under Article 3 may—

(a) contain incidental, supplemental, consequential and transitional provision,

(b) make different provision for different purposes, and

(c) amend or revoke Commission Decision (EC) No 2008/961 on the use by third countries' issuers of securities of certain third country's national accounting standards and International Financial Reporting Standards to prepare their consolidated financial statements.

2.   A statutory instrument containing regulations made by the Treasury under Article 3 is subject to annulment in pursuance of a resolution of either House of Parliament.”.

(6) Omit Article 4 (conditions for the acceptance of third country accounting standards for a period ending no later than 31 March 2016).

(7) Omit Article 5 (entry into force and application).

Textual Amendments

F1 Reg. 67(2)(c) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 22 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))

Commencement Information

I1 Reg. 67 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)