This Regulation lays down the conditions under which the Generally Accepted Accounting Principles of a third country may be considered for the specified purposes as equivalent to UK-adopted international accounting standards and introduces a mechanism for the determination of such equivalence.

In this Regulation -

(a) "third country" means a country outside the United Kingdom, and

(b) "the specified purposes" means the purposes of - (i) rules made by the Financial Conduct Authority that are "transparency rules" as defined by section 89A(5) of the Financial Services and Markets Act 2000, and (ii) regulation 24 of the Public Offers and Admissions to Trading Regulations 2024;

(c) "UK-adopted international accounting standards" has the meaning given by section 474(1) of the Companies Act 2006.