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The Markets in Financial Instruments (Equivalence) (United States of America) (Commodity Futures Trading Commission) Regulations 2024

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Citation, commencement, extent and interpretation

1.—(1) These Regulations may be cited as the Markets in Financial Instruments (Equivalence) (United States of America) (Commodity Futures Trading Commission) Regulations 2024.

(2) These Regulations come into force on 4th June 2024.

(3) These Regulations extend to England and Wales, Scotland and Northern Ireland.

(4) In these Regulations—

“CFTC” means the Commodity Futures Trading Commission of the United States of America.

“MiFIR” means Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012.

“trading venue” means—

(a)

designated contract markets(1) which are boards of trade or exchanges that operate under the regulatory oversight of the CFTC; and

(b)

swap execution facilities, which are trading facilities that operate under the regulatory oversight of the CFTC(2).

Equivalence

2.  The Treasury specify that for the purpose of Article 28(4) of MiFIR(3) the legal and supervisory framework of the United States of America ensures that the trading venues listed in the Schedule to this Regulation

(a)comply with legally binding requirements which are equivalent to the requirements for the trading venues referred to in points (a), (b) and (c) of Article 28(1) of Regulation (EU) No 600/2014 resulting from that Regulation, Directive 2014/65/EU and Regulation (EU) No 596/2014; and

(b)are subject to effective supervision and enforcement by the CFTC in the United States of America.

Revocation of Commission Implementing Decision 2017/2238

3.  Commission Implementing Decision 2017/2238 of 5 December 2017 on the equivalence of the legal and supervisory framework applicable to designated contract markets and swap execution facilities in the United States of America in accordance with Regulation (EU) No 600/2014(4) of the European Parliament and the Council is revoked.

Amanda Milling

Scott Mann

Two of the Lords Commissioners of His Majesty’s Treasury

13th May 2024

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