Part 1: Regulatory Framework Mutual recognition Section 24: Implementation of mutual recognition agreements
Subsection (1) allows HM Treasury to make, by regulations, any such provision as it considers appropriate for the purpose of, or in connection with, implementing MRAs to which the UK is or is expected to become a party.
	Subsections (2) and (3) clarify the meaning of "mutual recognition agreement". This would include a full-fledged MRA which covers all financial services sectors, as well as more bespoke MRAs which cover only specific financial services or markets sectors or activities. It would also include mutual recognition provisions on financial services contained within other international agreements such as free trade agreements. As per subsection (5), it would also extend to any future amendments or modifications to existing MRAs. The definition would not include any parts of international agreements which are not related to mutual recognition in the field of financial services or markets.
	Subsections (4) and (6) provide further clarification as to the provision which may be made by regulations under subsection (1). This includes conferring powers on HM Treasury or the financial services regulators and imposing duties on those regulators. Duties may only be imposed where considered appropriate by HM Treasury. The appropriateness of such duties will be considered, where relevant, in the context of the relevant regulator’s obligations in FSMA 2000 with respect to the advancement of its statutory objectives. Such regulations may modify (including amending repealing or revoking, as per subsection (11)) primary and subordinate legislation, as well as retained EU law. This will enable HM Treasury to give domestic effect to the recognition accorded under an MRA. For example, if an MRA provides for recognition of an MRA partner country’s framework in relation to a sector or activity not covered by an existing equivalence regime, the power could be used to create a new domestic recognition regime or to amend the scope of existing regimes to allow for such recognition.
	HM Treasury may also impose duties on the regulators, including a duty to make rules. HM Treasury is required to consult the relevant regulator before doing so, pursuant to subsection (7). Subsections (8) and (9) further provide that if HM Treasury imposes a duty on a regulator to make rules, this may (among other things) specify matters that the rules must cover and specify a period within which the rules must be made. This ensures that HM Treasury can delegate aspects of implementation of MRAs to regulators where appropriate, but that it may not specify the precise form or content of the regulators’ rules.
	Subsection (10) applies the affirmative procedure to regulations made under subsection (1).