Regulation (EU) No 648/2012 of the European Parliament and of the CouncilShow full title

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)

Article 75U.K.Equivalence F1...

1.[F2The 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 [F3including 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.

[F4Regulations 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.[F6The 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 [F7the 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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Textual Amendments