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
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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).