- Draft legislation
This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 No. 657
27.—(1) Article 30 (equivalence) is amended as follows.
(2) In paragraph 1—
(a)in the opening words—
(i)for “Union” substitute “United Kingdom”;
(ii)for “register referred to in Article 36” substitute “FCA register”;
(b)for point (a) substitute—
“(a)either:
(i)the Treasury have made regulations in accordance with paragraph 2 or 3 of this Article; or
(ii)the European Commission has adopted a decision before exit day in accordance with paragraph 2 or 3 of Article 30 of the EU Benchmarks Regulation;”;
(c)in point (c)—
(i)for “ESMA” substitute “the FCA”;
(ii)for “Union”, both times it occurs, substitute “United Kingdom”.
(3) In paragraphs 2 and 3—
(a)in the opening words, for “Commission may adopt an implementing decision stating” substitute “Treasury may by regulations specify”;
(b)omit the second subparagraph.
(4) In paragraph 4—
(a)in the opening words—
(i)for “ESMA” substitute “The FCA”;
(ii)after “2 or 3” insert “of this Article (on or after exit day) or paragraph 2 or 3 of Article 30 of the EU Benchmarks Regulation (before exit day)”;
(b)in point (a), for “ESMA”, both times it occurs, substitute “the FCA”;
(c)in point (b), for “ESMA” substitute “the FCA”.
(5) For paragraph 5 substitute—
“5. The FCA may make technical standards to determine the minimum content of the cooperation arrangements referred to in paragraph 4 so as to ensure that the FCA is able to exercise all its supervisory powers under this Regulation.”.
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