1. For the purposes of Article 2(7) of this Regulation, a third-country market shall be considered to be equivalent to a UK regulated market within the meaning given in Article 2(1)(13A) of the MIFIR where it complies with legally binding requirements which are equivalent to the requirements resulting from provisions of the law of the United Kingdom relied on before IP completion day to implement Title 3 of Directive 2014/65/EU and it is subject to effective supervision and enforcement in that third country on an ongoing basis, as determined by the Treasury.
2. The Treasury may make regulations determining that a third-country market complies with legally binding requirements which are equivalent to the requirements resulting from provisions of the law of the United Kingdom relied on before IP completion day to implement Title 3 of Directive 2014/65/EU and it is subject to effective supervision and enforcement in that third country on an ongoing basis for the purposes of paragraph 1.
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