For the purposes of Article 2(7) of this Regulation, a third-country market shall be considered to be equivalent to F2a UK regulated market within the meaning given in Article 2(1)(13A) of the MIFIR where it complies with legally binding requirements which are equivalent to the requirements F3resulting from provisions of the law of the United Kingdom relied on before IP completion day to implement Title 3 of Directive 2014/65/EU and it is subject to effective supervision and enforcement in that third country on an ongoing basis, as determined by F4the Treasury.

F5The Treasury may make regulations determining that a third-country market complies with legally binding requirements which are equivalent to the requirements F6resulting from provisions of the law of the United Kingdom relied on before IP completion day to implement Title 3 of Directive 2014/65/EU and it is subject to effective supervision and enforcement in that third country on an ongoing basis for the purposes of paragraph 1.

F7...

F8The Treasury and the FCA shall publish on their websites a list of those markets that are to be considered to be equivalent in accordance with the F9regulations made by the Treasury under paragraph 2. That list shall be updated periodically.

In this Article, references to requirements resulting from provisions of United Kingdom law which was relied on before IP completion day to implement Title 3 of Directive 2014/65/EU are to those requirements as they apply on the day on which the regulations are made by the Treasury under this Article.