(1) Regulation 147 of the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 is amended as follows.

(2) In paragraph (7), in the new paragraph (11A) -

(a) in subparagraph (b), for "equivalence regulations", substitute "an equivalence determination";

(b) in subparagraph (c), for "equivalence regulations" substitute "equivalence determination".

(3) In paragraph (8)(c) -

(a) for the new paragraph (c), substitute -

"(c) "equivalence determination" means a determination made by the Treasury -

(i) in regulations under Article 47.1 of the markets in financial instruments regulation and not revoked; or

(ii) by direction under regulation 2 of the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 and not revoked;";

(b) for new sub-paragraph (d), substitute -

"(d) a country is the subject of an equivalence determination if a period of more than three years has elapsed since -

(i) the date on which the equivalence determination came into force, or