(1) In Article 28 -
(a) in paragraph 1, for point (d), substitute -
"(d) third-country trading venues, provided that -
(i) either -
(aa) a decision has been adopted before IP completion day by the European Commission in accordance with paragraph 4 of this Article as it had effect in the European Union before IP completion day; or
(bb) the Treasury has made regulations in accordance with paragraph 4 of this Article as it applies in the United Kingdom on and after IP completion day; and
(ii) the third country provides for an effective equivalent system for recognition of UK trading venues to admit to trading or trade derivatives declared subject to a trading obligation in that third country on a non-exclusive basis.";
(b) in paragraph 2 -
(i) in the first subparagraph, for "Union" each time it appears, substitute "United Kingdom";
(ii) in the second subparagraph, for "ESMA shall" substitute "The competent authority must";
(c) in paragraph 4 -
(i) in the first subparagraph -
(aa) for