Section 292(3)

The requirements are that— investors are afforded protection equivalent to that which they would be afforded if the body concerned were required to comply with— recognition requirements, other than any such requirements which are expressed in regulations under section 286 not to apply for the purposes of this paragraph, and requirements contained in any of the following— any EU regulation, originally made under the markets in financial instruments directive, which is assimilated direct legislation; any EU regulation, originally made under the markets in financial instruments regulation, which is assimilated direct legislation; any subordinate legislation (within the meaning of the Interpretation Act 1978) made under the markets in financial instruments regulation on or after IP completion day; there are adequate procedures for dealing with a person who is unable, or likely to become unable, to meet his obligations in respect of one or more market contracts connected with the investment exchange or clearing house; the applicant is able and willing to co-operate with the appropriate regulator by the sharing of information and in other ways; adequate arrangements exist for co-operation between the appropriate regulator and those responsible for the supervision of the applicant in the country or territory in which the applicant’s head office is situated.

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Source: legislation.gov.uk · retrieved 2026-09-04