(1) The Treasury may by regulations make such provision as they consider appropriate for the purpose of, or in connection with, implementing any mutual recognition agreement to which the United Kingdom is, or is expected to become, a party.
(2) The reference in subsection (1) to a "mutual recognition agreement" is a reference to any international agreement so far as it provides for, or relates to -
(a) the recognition that the law and practice of a foreign country is, in respect of relevant matters, equivalent to the law and practice of the United Kingdom, and
(b) the recognition that the law and practice of the United Kingdom is, in respect of relevant matters, equivalent to the law and practice of that foreign country.
(3) Matters are "relevant matters" for the purposes of subsection (2) if they relate to financial services or markets (whether generally or in particular respects).
(4) The provision that may be made by regulations under this section includes provision -
(a) conferring
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