The Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020

Made: 29th September 2020

Coming into force in accordance with regulation 1(2)

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PART 1 — General provisions

Citation and commencement

1

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Interpretation

2

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PART 2 — Cooperation arrangements, regulatory decisions and equivalence directions

Cooperation arrangements between UK regulators and EEA regulators

3

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Applications for a regulatory decision before IP completion day

4

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Regulatory decisions

5

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Application of the 2000 Act to the Bank in relation to its functions under these Regulations

6

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Fees

7

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Effect of applications, equivalence directions and regulatory decisions on or after IP completion day

8

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PART 3 — Amendments to existing secondary legislation

The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018

9

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The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018

10

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The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019

11

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

12

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The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019

13

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The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020

14

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SCHEDULE 1 — Equivalence directions and relevant cooperation arrangements

Assimilated direct legislation to which the equivalence direction relates	Applicable paragraph of Schedule 2 to these Regulations	Applicable paragraph of Schedule 3 to these Regulations	Applicable paragraph of Schedule 1 to the 2019 Regulations
Benchmarks Regulation	paragraph 1	paragraph 1	paragraph 1(1) or (2)
CRAR	paragraph 2	paragraph 2	paragraph 3
CSDR	paragraph 3	paragraph 3	paragraph 3A
EMIR	paragraph 4	paragraph 4	paragraph 4A
MiFIR	paragraph 5	paragraph 5	paragraph 8
Prospectus Regulation	paragraph 6	N/A	paragraph 9(8)
SFTR	paragraph 7	paragraph 6	paragraph 10(1)

SCHEDULE 2 — Cooperation arrangements before IP completion day

Cooperation arrangements for the purposes of Article 30(4) of the Benchmarks Regulation

1

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Cooperation arrangements for the purposes of Article 5(7) of CRAR

2

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Cooperation arrangements for the purposes of Article 25(10) of CSDR

3

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Cooperation arrangements for the purposes of Article 75(3) of EMIR

4

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Cooperation arrangements for the purposes of Article 47(2) of MiFIR

5

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Cooperation arrangements for the purposes of Article 30(1) of the Prospectus Regulation

6

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Cooperation arrangements for the purposes of Article 19(5)(b) of SFTR

7

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SCHEDULE 3 — Regulatory decisions

Regulatory decisions for EEA benchmarks for the purposes of Article 30(1) of the Benchmarks Regulation

1

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Regulatory decisions for credit rating agencies for the purposes of Article 5(2) and (4) of CRAR

2

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Regulatory decisions for EEA CSDs for the purposes of Article 25(4) of CSDR

3

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Regulatory decisions for trade repositories for the purposes of Article 77(2) of EMIR

4

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Regulatory decisions for the purposes of Article 46(2) of MiFIR

5

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Regulatory decisions for the purposes of Article 19(4) of SFTR

6

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SCHEDULE 4 — Equivalence directions and regulatory decisions on or after IP completion day

Applicable paragraph of Schedule 1 to the 2019 Regulations	Applicable provision of assimilated law
paragraph 1(1)	Article 30(2) of the Benchmarks Regulation
paragraph 1(2)	Article 30(3) of the Benchmarks Regulation
paragraph 2	the particular provision or provisions of CRR that the equivalence direction makes a determination for the purposes of
paragraph 3	Article 5(6) of CRAR
paragraph 3A	Article 25(9) of CSDR
paragraph 4(1)	Article 2A(2) of EMIR
paragraph 4(2)	Article 13(2) of EMIR
paragraph 4A	Article 75(1) of EMIR
paragraph 4B	Article 76a(2) of EMIR
paragraph 5(1)	Article 23(1) of, and paragraph 8 of Schedule 3 to, MiFIR
paragraph 5(2)	Article 28 of MiFIR
paragraph 6	Article 33 of MiFIR
paragraph 7	Article 38(3) of MiFIR
paragraph 8	Article 47(1) of MiFIR
paragraph 9(8)	Article 29(3) of the Prospectus Regulation
paragraph 10(1)	Article 19(1) of SFTR
paragraph 10(3)	Article 21(1) of SFTR
paragraph 11	Article 17(2) of SSR
paragraph 12	the particular provision or provisions of the Solvency 2 Regulation that the equivalence direction makes a determination for the purposes of
Paragraph of Schedule 3 in accordance with which the regulatory decision made	Provision of assimilated law the decision is to have effect as if made under
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paragraph 1	Article 30(1) of the Benchmarks Regulation
paragraph 2(1)	Article 5(2) of CRAR
paragraph 2(2)	Article 5(4) of CRAR
paragraph 3	Article 25(4) of CSDR
paragraph 4	Article 77(2) of EMIR
paragraph 5	Article 46(2) of MiFIR
paragraph 6	Article 19(4) of SFTR

Signed

Rebecca Harris — Maggie Throup — Two of the Lords Commissioners of Her Majesty's Treasury — 2020-09-29

Explanatory note

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Footnotes

[^f00001]: 2018 c. 16, as amended by the European Union (Withdrawal Agreement) Act 2020 (c. 1), which inserted section 8A and omitted section 8(7)(e).

[^f00002]: 2000 c. 8, with relevant amendments by the Companies Act 2006 (c. 46), the Financial Services Act 2010 (c. 28), the Financial Services Act 2012 (c. 21), Financial Services (Banking Reform) Act 2013 (c. 33), the Bank of England and Financial Services Act 2016 (c. 14), and S.I. 2007/1093, 2011/1043, 2013/1881 and 2016/1239, and to be amended by S.I. 2019/681.

[^f00003]: S.I. 2019/541, as amended by S.I. 2019/710, 1212, 1234, 1390 and 1416, and S.I. 2020/628.

[^f00004]: OJ No. L 331, 15.12.2010, p. 84.

[^f00005]: Section 1A inserted by section 6(1) of the Financial Services Act 2012 (c. 21).

[^f00006]: S.I. 2017/692, as amended by S.I. 2019/1511.

[^f00007]: Section 348 amended by paragraph 26 of Schedule 2 to the Financial Services Act 2010 (c. 28), paragraph 18 of Schedule 12 to the Financial Services Act 2012 (c. 21), paragraph 5 of Schedule 8 to the Financial Services (Banking Reform) Act 2013 (c. 33), paragraph 45 of Schedule 2 to the Bank of England and Financial Services Act 2016 (c. 14), and S.I. 2016/1239; section 349 amended by section 964 of the Companies Act 2006 (c. 46), paragraph 19 of Schedule 12 to the Financial Services Act 2012 (c. 21) and S.I. 2007/1093 and 2011/1043, and will be amended by S.I. 2019/681 on IP completion day; section 350 amended by paragraph 20 of Schedule 12 to the Financial Services Act 2012 (c. 21).

[^f00008]: Section 353 amended by paragraph 23 of Schedule 12 to the Financial Services Act 2012 (c. 21) and S.I. 2013/1881.

[^f00009]: S.I. 2001/2188 and 3648.

[^f00010]: Section 398 amended by paragraph 36 of Schedule 9 to the Financial Services Act 2012 (c. 21); there are other amendments which are not relevant.

[^f00011]: Section 401 amended by paragraph 38 of Schedule 9 to the Financial Services Act 2012 (c. 21) and S.I. 2013/1881; there are other amendments which are not relevant.

[^f00012]: Schedule 1ZB added by Schedule 3 to the Financial Services Act 2012 (c. 21); paragraph 19 amended by sections 5 and 130 of the Financial Services (Banking Reform) Act 2013 (c. 33), paragraph 50 of Schedule 2 to the Bank of England and Financial Services Act 2016 (c. 14).

[^f00013]: S.I. 2019/632.

[^f00014]: S.I. 2018/1320.

[^f00015]: S.I. 2018/1403. Regulation 33(1)(b)(ii) was to be amended by regulation 16(15)(a) of S.I. 2019/710. That amendment is being omitted by regulation 13 of these Regulations.

[^f00016]: S.I. 2019/266, with amendments to be made to regulation 56 by regulation 9 of S.I. 2020/628, which is in turn being amended by regulation 14 of these Regulations.

[^f00017]: OJ No. L 302, 17.11.2009, p. 1.

[^f00018]: S.I. 2019/541, with a relevant amendment to be made by regulation 11 of S.I. 2020/628.

[^f00019]: S.I. 2019/710.

[^f00020]: S.I. 2020/628.

Editorial notes

Misleading the FCA: criminal offence

6A

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Fees

Effect of applications, equivalence directions and regulatory decisions on or after IP completion day

Power for the FCA to establish arrangements for Article 5(7) of CRAR with third country regulators before IP completion day

8A

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