In Article 5 -

(a)

in paragraph 1 -

(i) for "Union", substitute "United Kingdom";

(ii) for point (b) substitute -

"(b) the legal and supervisory framework of that third country has been recognised as equivalent to the requirements of this Regulation -

(i) by the Treasury in accordance with paragraph 6 of this Article; or

(ii) by a decision adopted by the European Commission in accordance with Article 5(6) of EU CRAR before IP completion day that forms part of retained EU law;"

(iii) in point (c) -

(aa) before "the", insert "where point (b)(i) applies,";

(bb) for "are operational" substitute "have been established by the FCA in accordance with that paragraph and are operational";

(iv) in point (d), for "one or more Member States" substitute "the United Kingdom";

(b) in paragraph 2, for "ESMA", substitute "the FCA";

(c) in paragraph 3, for "ESMA", substitute "The FCA";

(d) in paragraph 4 -

(i) in point (b), for "Union", substitute "United Kingdom";