TITLE IICLEARING, REPORTING AND RISK MITIGATION OF OTC DERIVATIVES
Article 13Mechanism to avoid duplicative or conflicting rules
F11.
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2.
F2The Treasury may by regulations determine that the legal, supervisory and enforcement arrangements of a third country:
(a)
are equivalent to the requirements laid down in this Regulation under Articles 4, 9, 10 and 11;
(b)
ensure protection of professional secrecy that is equivalent to that set out in this Regulation; and
(c)
are being effectively applied and enforced in an equitable and non-distortive manner so as to ensure effective supervision and enforcement in that third country.
F3...
3.
F4Regulations on equivalence as referred to in paragraph 2 shall imply that counterparties entering into a transaction subject to this Regulation shall be deemed to have fulfilled the obligations contained in Articles 4, 9, 10 and 11 where at least one of the counterparties is established in that third country.
F54.
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