(1) Article 30 (equivalence) is amended as follows.

(2) In paragraph 1 -

(a) in the opening words -

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

(ii) for "register referred to in Article 36" substitute "FCA register";

(b) for point (a) substitute -

"(a) either:

(i) the Treasury have made regulations in accordance with paragraph 2 or 3 of this Article; or

(ii) the European Commission has adopted a decision before IP completion day in accordance with paragraph 2 or 3 of Article 30 of the EU Benchmarks Regulation;";

(c) in point (c) -

(i) for "ESMA" substitute "the FCA";

(ii) for "Union", both times it occurs, substitute "United Kingdom".

(3) In paragraphs 2 and 3 -

(a) in the opening words, for "Commission may adopt an implementing decision stating" substitute "Treasury may by regulations specify";