(4)Following the withdrawal of the United Kingdom from the Union pursuant to Article 50 of the Treaty on European Union, the Treaties have ceased to apply to the United Kingdom from 1 February 2020 and the United Kingdom is now a third country. At present, the Commission has not adopted an equivalence decision in accordance with Article 25(4), point (a), of Directive 2014/65/EU in respect of the United Kingdom. It is therefore necessary to exclude from the list of recognised exchanges those exchanges established in the United Kingdom.