Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (Text with EEA relevance)
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Changes over time for: Article 75
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Point in time view as at 31/12/2020.
Changes to legislation:
Regulation (EU) No 648/2012 of the European Parliament and of the Council, Article 75 is up to date with all changes known to be in force on or before 06 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Article 75U.K.Equivalence ...
1.[The Treasury may by regulations determine] that the legal and supervisory arrangements of a third country ensure that:
(a)trade repositories authorised in that third country comply with legally binding requirements which are equivalent to those laid down in this Regulation [including compliance with the requirements to give direct and immediate access to the data to the entities referred to in paragraph 3 of Article 81];
(b)effective supervision and enforcement of trade repositories takes place in that third country on an ongoing basis; and
(c)guarantees of professional secrecy exist, including the protection of business secrets shared with third parties by the authorities, and they are at least equivalent to those set out in this Regulation.
[Regulations made under the first sub-paragraph must also specify the relevant authorities in third countries which are entitled to access data held by trade repositories established in the United Kingdom.]
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3.[The FCA] shall establish cooperation arrangements with the competent authorities of the relevant third countries. Those arrangements shall specify at least:
(a)a mechanism for the exchange of information between [the FCA] on the one hand and the relevant competent authorities of third countries concerned on the other; and
(b)procedures concerning the coordination of supervisory activities.
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