PART 3Amendments of EU Regulations and EU Decision

CHAPTER 2Amendments of other EU Regulations and of EU Decision

Commission Regulation (EC) No 1569/2007I167

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 ”;

F1c

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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 3ATreasury 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).