The Financial Services (Overseas Recognition Regime Designations) Regulations 2025
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2 Overseas recognition regime designations
(1) For the purposes of these Regulations, an “overseas recognition regime designation” is a designation (however described) by the Treasury made under— (a) a provision listed in the Schedule, or (b) any other enactment which provides that the law and practice which applies in another country or territory in relation to a relevant area of law and practice— (i) is equivalent to, or (ii) has equivalent effect, taken as a whole, to, the law and practice of the United Kingdom. (2) In paragraph (1)— (a) a reference to a relevant area of law and practice is to any such area that relates to financial services or markets (whether generally or in respect of particular matters); (b) “territory” includes the European Union and any other international organisation or authority comprising countries or territories.
2 Overseas recognition regime designations
(1) For the purposes of these Regulations, an “overseas recognition regime designation” is a designation (however described) by the Treasury made under— (a) a provision listed in the Schedule, or (b) any other enactment which provides that the law and practice which applies in another country or territory in relation to a relevant area of law and practice— (i) is equivalent to, or (ii) has equivalent effect, taken as a whole, to, the law and practice of the United Kingdom. (2) In paragraph (1)— (a) a reference to a relevant area of law and practice is to any such area that relates to financial services or markets (whether generally or in respect of particular matters); (b) “territory” includes the European Union and any other international organisation or authority comprising countries or territories.
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