Section 14(4)

For the purposes of paragraph (3)— “equivalence determination” means— a decision adopted by the Commission in relation to a country under paragraph 1 of Article 47 of the markets in financial instruments regulation before IP completion day which has not been withdrawn by a subsequent decision adopted by the Commission under that Article before exit day; or regulations made by the Treasury in relation to a country under that paragraph after IP completion day which have not subsequently been revoked; a country is subject to an equivalence determination if a period of more than three years has elapsed since— the adoption of the decision by the Commission, beginning on the day after the date of the adoption of the decision; or the making of the regulations by the Treasury, beginning on the day after the day on which the regulations were made;

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