
Article 1 
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;
(b) ‘the specified purposes’ means the purposes of—
(i) rules made by the Financial Conduct Authority that are   “prospectus rules” as defined by section 73A(4) of the Financial Services and Markets Act 2000 or   “transparency rules” as defined by section 89A(5) of    the Financial Services and Markets Act 2000that Act, and
(ii) Commission Delegated Regulation (EU) 2019/980 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council as regards the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Commission Regulation (EC) No 809/2004
(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.
Article 2 
The Generally Accepted Accounting Principles of a third country may be considered for the specified purposes as  equivalent to  UK-adopted international accounting standards  if the financial statements drawn up in accordance with Generally Accepted Accounting Principles of the third country concerned enable investors to make a similar assessment of the assets and liabilities, financial position, profit and losses and prospects of the issuer as financial statements drawn up  in accordance with UK-adopted international accounting standards, with the result that investors are likely to make the same decisions about the acquisition, retention or disposal of securities of an issuer.
Article 3 
The decision on the determination of the equivalence of the Generally Accepted Accounting Principles of a third country may be taken on the initiative of the  Treasury, upon application submitted by the  Financial Conduct Authority  or upon application of an authority responsible for accounting standards or market supervision of a third country.
Before making a determination of equivalence, the Treasury must consult the Secretary of State.
A determination of equivalence is to be made by the Treasury by regulations made by statutory instrument.
Article 3A 

(1.) Regulations made by the Treasury under Article 3 may—
(a) contain incidental, supplemental, consequential and transitional provision,
(b) make different provision for different purposes, and
(c) amend or revoke Commission Decision (EC) No 2008/961 on the use by third countries' issuers of securities of certain third country's national accounting standards and International Financial Reporting Standards to prepare their consolidated financial statements.
(2.) A statutory instrument containing regulations made by the Treasury under Article 3 is subject to annulment in pursuance of a resolution of either House of Parliament.
Article 4 
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Article 5 
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This Regulation shall be binding in its entirety and directly applicable in all Member States.