is not removing references to these requirements from the Order's list
of EU and French law requirements comparable to Exchange Act rule 18a-
6(b)(1)(ix).
---------------------------------------------------------------------------

    \491\ See French Authorities' Application Annex I category 2 at
58-59.
---------------------------------------------------------------------------

    The commenter recommended deleting from paragraphs (f)(1)(i)(K) and
(f)(2)(i)(M) of the Order (employment application record creation and
preservation) references to MiFID articles 9(1) and 16(3) and their
French implementing provisions, reasoning that these provisions do not
relate to recordkeeping. Both provisions require recordkeeping in
practice through their requirements to monitor conflicts of interest.
Accordingly, the Commission is not removing references to these
requirements from the Order's list of EU and French law requirements
comparable to Exchange Act rule 18a-5(a)(10) and (b)(8) and Exchange
Act rule 18a-6(d)(1).
    The commenter recommended adding to paragraphs (f)(2)(i)(L) and
(f)(2)(i)(O) of the Order the reference to MiFID Org Reg article
21(1)(f) with respect to Exchange Act rules 18a-6(c) (organizational
records) and (d)(3) (compliance records). The Commission agrees this
provision is relevant because it requires firms to ``maintain adequate
and orderly records of their business and internal organization.''
Therefore, the Commission is adding MiFID Org Reg article 21(1)(f) of
the Order's list of EU and French requirements comparable to Exchange
Act rule 18a-6(c) and (d)(3).\492\
---------------------------------------------------------------------------

    \492\ See paras. (f)(2)(i)(L) and (f)(2)(i)(O)(1) of the Order.
---------------------------------------------------------------------------

c. Exchange Act Rule 18a-7
    The commenter recommended deleting from paragraphs (f)(3)(i)(A) and
(f)(3)(ii)(A) references to CRD article 104(1)(j) relating to
supervisory power of authorities to impose additional reporting
requirements, reasoning that this provision does not correspond to, and
goes beyond the requirements of Exchange Act rule 18a-7(a)(1) and
(a)(2), and (a)(3). The Commission agrees. Accordingly, the Commission
is removing references to these requirements and references to related
implementing regulations MFC article L. 612-24 and Decree of 20
February 2007 relating to prudential requirements article 6 from the
Order's list of EU and French law requirements comparable to Exchange
Act rule 18a-7(a)(1) and (a)(2).\493\
---------------------------------------------------------------------------

    \493\ See paras. (f)(3)(i)(A) and (f)(3)(ii)(A) of the Order.
---------------------------------------------------------------------------

    The commenter recommended deleting from paragraph (f)(3)(ii)(A)
references to CRR articles 431 through 455 relating to public
disclosures, reasoning that such provisions do not relate to regulatory
reporting. However, the French Authorities' Application cites CRR
articles 431, 433, 452, 454, and 455 as requiring, among other things,
firms to make ``Pillar III' disclosures which include information on
the use of capital models and matters such as credit risk, the exposure
values by class of exposures subject to evaluation using models, and
internal controls on the development and use of models.\494\ This
information is relevant to Rule 18a-7(a)(3) and 18a-7(j). Accordingly,
the Commission is removing references to CRR articles 431 through 455
except for CRR articles 431, 433, 452, 454, and 455 in the Order's list
of EU and French law requirements comparable to Exchange Act rule 18a-
7(a)(3) and 18a-7(j).\495\
---------------------------------------------------------------------------

    \494\ See French Authorities' Application Annex I Category 2 at
91-93.
    \495\ See para. (f)(3)(ii)(A) of the Order.
---------------------------------------------------------------------------

    The commenter recommended deleting from paragraph (f)(3)(ii)(A)
references to Accounting Directive article 34, French Commerce Code
articles L. 232-1, R. 232-1 through R. 232-8, and L. 823-1 through L.
823-8-1, relating to general publication requirements for financial
statements, and to the appointment of external financial auditors. The
commenter reasoned that these provisions do not correspond to, and go
beyond, the requirements of Exchange Act rule 18a-7(a)(3) and 18a-7(j).
The Commission agrees. Accordingly, the Commission is removing
references to these EU and French law requirements in the Order's list
of requirements comparable to Exchange Act rule 18a-7(a)(3) and 18a-
7(j).\496\
---------------------------------------------------------------------------

    \496\ See para. (f)(3)(ii)(A) of the Order.
---------------------------------------------------------------------------

    The commenter recommended deleting from paragraph (f)(3)(iii)
references to CRR articles 435-436, 441, 444, and 450 (stating that
these provisions are not in the UK Proposed Order), as well as
Accounting Directive article 34, and French Commerce Code articles L.
232-1, R. 232-1 through R. 232-8, L. 823-1 through L. 823-8-1. The
commenter reasoned that these provisions do not correspond to, and go
beyond, the requirement requirements of Exchange Act rule 18a-7(b). The
Commission disagrees. The French Authorities' Application states that
pursuant to CRR articles 431 to 455, CRR firms are required to make
``Pillar III'' public disclosures at least annually in connection with
the publication, and that such disclosures cover a variety of matters
including, among other things, capital resources and capital
requirements. Furthermore, in referencing CRR articles 431 to 455, the
French Authorities' Application states that the requirements are
comparable to analogous requirements under relevant provisions of
Exchange Act rule 18a-7(b).\497\ Accordingly, the references to these
EU and French law requirements, and is instead including references to
CRR articles 431 to 455 in the Order's list of requirements comparable
to Exchange Act rule 18a-7(b).\498\ With respect to Accounting
Directive article 34, and French Commerce Code articles L. 232-1, R.
232-1 through R. 232-8, L. 823-1 through L .823-8-1, the Commission
agrees with the commenter regarding references to Accounting Directive
article 34, but disagrees with respect to the references to French
Commerce Code L. 232-1, R. 232-1 through R. 232-8, L. 823-1 through L.
823-8-1. The French Authorities' Application states that credit
institutions and investment firms must have their financial statements
audited, and must publish their financial statements and management
report annually pursuant to Accounting Directive articles 30 and 34.
These requirements are relevant to Exchange Act rule 18a-7(b).
Accordingly, the Commission is deleting references to Accounting
Directive article 34, but is not deleting reference to French Commerce
Code L. 232-1, R. 232-1 through R. 232-8, L. 823-1 through L. 823-8-1
in the Order's list of

requirements comparable to Exchange Act rule 18a-7(b).\499\
---------------------------------------------------------------------------

    \497\ See French Authorities' Application Annex I at 93-94.
    \498\ See para. (f)(3)(iii) of the Order.
    \499\ See para. (f)(3)(iii) of the Order.
---------------------------------------------------------------------------

    The commenter recommended deleting references in paragraph
(f)(3)(iv)(A) references to MiFID Org Reg article 72(2) and Annex I,
which relate to recordkeeping requirements. The Commission notes that
MiFID Org Reg article 72(2) and Annex I are not cited in connection
with the EU and French law requirements in the Order's list of
requirements comparable to Exchange Act rule 18a-7(b). The commenter
also recommended deleting reference to CRR and CRD articles which set
out specific capital requirements. With respect to CRD article 89, the
Commission agrees as this provision requires member states to impose
specified disclosure requirements on institutions. Accordingly, the
Commission is deleting reference to this requirement in the Order's
list of requirements comparable to Exchange Act rule 18a-7(c) through
(h).\500\ With respect to the cited CRR provisions, the Commission
disagrees. The French Authorities' Application states that CRR article
26(2) relates to the inclusion of a firm's interim or year-end profits
in Common Equity Tier 1 capital and the associated requirement that
such profits be verified by persons independent of the firm, and that
CRR articles 132(5) and 154 set forth requirements for a firm to engage
an external auditor to confirm the accuracy of information regarding
the firm's calculations with respect to average risk weights for
certain exposures which is comparable to the requirements under
Exchange Act rules 18a-7(c)(1)(i)(C) and 18a-7(d) through (g).
Furthermore the French Authorities' Application states that, for firms
using internal models to calculate credit risk, operational risk,
market risk exposures, or market risk capital requirement, CRR articles
191, 321, 325bi, and 368 require various levels of internal or external
audit and/or review of the models, systems, and/or operations. The
French Authorities' application notes where investment firm's rely on a
depository or management company of a collective investment
undertaking, CRR articles 418, 350 and 353 require the investment firm
to calculate and report own funds requirements for the market value of
haircuts, and position risk with respect to positions in specified
instruments.\501\ As a result, the French Authorities' Application
states that the EU report review requirements provide for comparable
regulatory outcomes to the SEC report review requirements, as both
regulatory regimes require firms to submit reports by independent
auditors on the firm's financial and operational information in order
to ensure the accuracy of information and protect market participants.
The Commission believes these provisions are relevant to Rule 18a-7(c),
(d), (e), (f), (g), and (h). Accordingly, the Commission is not
deleting references to these EU and French law in the Order's list of
requirements comparable to Exchange Act rule 18a-7(c) through (h).\502\
---------------------------------------------------------------------------

    \500\ See para. (f)(3)(iv)(A) of the Order.
    \501\ See French Authorities' Application Annex I categories 2
and 4 at 99-102.
    \502\ See para. (f)(3)(iv)(A).
---------------------------------------------------------------------------

    The commenter recommended deleting references to Accounting
Directive article 34 from paragraph (f)(3)(iv)(A), stating that this
provision sets out accounting and publication requirements applicable
to corporations generally, and is not enforced by the ACPR or the AMF,
and reasons that the provision does not correspond to, and goes beyond,
the requirements of Exchange Act rule 18a-7 (c) through (h). The
commenter suggests replacing this provision instead with MFC articles
L. 511-35 to L. 511-38, setting forth accounting and publication
obligations for credit institutions, and article L. 533-5 which sets
forth accounting and publication obligations for investment firms. With
respect to Accounting Directive article 34, the Commission agrees. As a
result, the Commission is deleting reference to Accounting Directive
article 34 from the Order's list of requirements comparable to Exchange
Act rule 18a-7(c) through (h).\503\ With respect to the commenter's
recommendation regarding MFC articles L. 511-35 to L. 511-38, and
article L. 533-5, the Commission agrees and, accordingly, is including
references to these provisions in the Order's list of requirements
comparable to Exchange Act rule 18a-7(c) through (h).\504\
---------------------------------------------------------------------------

    \503\ See para. (f)(3)(iv)(A) of the Order.
    \504\ See para. (f)(3)(iv)(A) of the Order.
---------------------------------------------------------------------------

    The commenter recommended deleting references in paragraph
(f)(3)(iv)(A) to MiFID articles 16(8) through (10). The commenter
reasoned that these provisions contain substantive, not reporting
requirements, and do not correspond to, and go beyond, the requirements
of Exchange Act rules 18a-7(c) through (h). The Commission agrees and
is not including references to these provisions in the Order's list of
requirements comparable to Exchange Act rules 18a-7(c) through
(h).\505\
---------------------------------------------------------------------------

    \505\ See para. (f)(3)(iv)(A) of the Order.
---------------------------------------------------------------------------

d. Exchange Act Rule 18a-8
    The commenter recommended deleting references MiFID article 73, and
CRD article 71 (as well as the implementing provisions) from paragraphs
(f)(4)(i)(A)(1), (f)(4)(i)(B), (f)(4)(i)(C)(1), and (f)(4)(i)(D)(1),
reasoning that these provisions do not correspond to, and go beyond,
the requirements of Exchange Act Rule 18a-8(a)(1)(i), (a)(1)(ii),
(b)(1), (b)(2), (b)(4), (c), (d), (e), and (h). The Commission agrees
with respect to references to MiFID article 73 and CRD article 71, but
disagrees with respect to the implementing provisions. The French
Authorities' Application cite the implementing provisions as providing
for comparable regulation outcomes to the Commission's notice
requirements as both regimes aim to establish reporting mechanisms so
that regulators will be promptly notified of relevant events. The
Commission believes the implementing provisions, MFC articles L. 511-
33II, L. 634-1, and L. 634-2, are relevant to the requirements of
Exchange Act Rule 18a-8(a)(1)(i), (a)(1)(ii), (b)(1), (b)(2), (b)(4),
(c), (d), (e), and (h). Accordingly, the Commission is deleting
references to MiFID article 73 and CRD article 71, but is not deleting
references to the implementing regulations MFC articles L. 511-33II, L.
634-1, and L. 634-2, from the Order's list of requirements comparable
to Exchange Act rule 18a-8(a)(1)(i), (a)(1)(ii), (b)(1), (b)(2),
(b)(4), (c), (d), (e), and (h).\506\
---------------------------------------------------------------------------

    \506\ See paras. (f)(4)(i)(A)(1), (f)(4)(i)(B), (f)(4)(i)(C)(1),
and (f)(4)(i)(D)(1) of the Order.
---------------------------------------------------------------------------

    The commenter recommended including references to Internal Control
Order 249 and 249-1 in paragraphs (f)(4)(i)(A)(1), (f)(4)(i)(B),
(f)(4)(i)(C)(1), and (f)(4)(i)(D)(1). The Commission agrees.
Accordingly, the Commission is adding references to Internal Control
Order 249 and 249-1 to the Order's list of requirements comparable to
Exchange Act rule 18a-8(a)(1)(i), (a)(1)(ii), (b)(1), (b)(2), (b)(4),
(c), (d), (e), and (h).\507\
---------------------------------------------------------------------------

    \507\ See paras. (f)(4)(i)(A)(1), (f)(4)(i)(B), (f)(4)(i)(C)(1),
and (f)(4)(i)(D)(1) of the Order.
---------------------------------------------------------------------------

e. Exchange Act Rule 18a-9
    The commenter recommended deleting references to MiFID Org Reg
articles 74 and 75, from paragraph (f)(5)(1), reasoning that these
provisions relate to recordkeeping requirements and therefore go beyond
the requirements of Exchange Act rule 18a-9. The Commission agrees.
Accordingly, the Commission is removing references to these
requirements from the Order's list of EU and French law requirements

comparable to Exchange Act rule 18a-9.\508\
---------------------------------------------------------------------------

    \508\ See para. (f)(5)(1) of the Order.
---------------------------------------------------------------------------

f. Exchange Act Section 15F(g)
    The commenter recommended including references to MiFID Org Reg
articles 21(1)(f), 21(4), and 72(1) in paragraph (f)(6). The Commission
agrees. These provisions require investment firms to maintain adequate
and orderly business and internal organization records, have policies
and procedures in place enabling them to deliver to a competent
authority in a timely manner financial reports reflecting a true and
fair view of the investment firm's financial position, and retain
specified records. The Commission believes that these provisions are
relevant to the requirements of Exchange Act section 15F(g).
Accordingly, the Commission is adding citations to these provisions in
the Order's list of requirements comparable to Exchange Act section
15F(g).

IX. Supervisory and Enforcement Considerations

A. Proposed Approach

    Exchange Act rule 3a71-6(a)(2)(i) provides that the Commission's
assessments regarding the comparability of foreign requirements in part
should take into account ``the effectiveness of the supervisory program
administered, and the enforcement authority exercised'' by the foreign
financial regulatory authority. This provision is intended to help
ensure that substituted compliance is not predicated on rules that
appear high-quality on paper if market participants in practice are
allowed to fall short of their obligations, while also recognizing that
differences among supervisory and enforcement regimes should not be
assumed to reflect flaws in one regime or another.\509\ The French
Authorities' Application accordingly included information regarding the
supervisory and enforcement framework applicable to derivatives markets
and market participants in France.
---------------------------------------------------------------------------

    \509\ See French Substituted Compliance Notice and Proposed
Order, 85 FR at 85734.
---------------------------------------------------------------------------

    In proposing to grant substituted compliance in connection with the
French Authorities' Application, the Commission preliminarily concluded
that the relevant supervisory and enforcement considerations were
consistent with substituted compliance. That preliminary conclusion
took into account information regarding the French Authorities' and the
ECB's roles and practices in supervising investment firms and credit
institutions located in France, as well as their enforcement-related
authority and practices.\510\
---------------------------------------------------------------------------

    \510\ Id. at 85734-36.
---------------------------------------------------------------------------

B. Commenter Views and Final Provisions

    Commenters did not address the Commission's preliminary conclusions
regarding supervisory and enforcement considerations, and the
Commission continues to conclude that the relevant supervisory and
enforcement considerations in France are consistent with substituted
compliance. In particular, based on the available information regarding
the French Authorities' and the ECB's authority and practices to
oversee market participants' compliance with applicable requirements
and to take action in the event of violations, the Commission remains
of the view that, consistent with rule 3a71-6, comparability
determinations reflect French and EU requirements as they apply in
practice.
    To be clear, the supervisory and enforcement considerations
addressed by rule 3a71-6 do not mandate that the Commission make
judgments regarding the comparative merits of U.S. and foreign
supervisory and enforcement frameworks, or to require specific findings
regarding the supervisory and enforcement effectiveness of a foreign
regime. The rule 3a71-6 considerations regarding supervisory and
enforcement effectiveness instead address whether comparability
analyses related to substituted compliance reflect requirements that
market participants must follow, and for which market participants are
subject to enforcement consequences in the event of violations. Those
considerations are satisfied here.

X. Conclusion

    It is hereby determined and ordered, pursuant to rule 3a71-6 under
the Exchange Act, that a Covered Entity (as defined in paragraph (g)(1)
of this Order) may satisfy the requirements under the Exchange Act that
are addressed in paragraphs (b) through (f) of this Order so long as
the Covered Entity is subject to and complies with relevant
requirements of the French Republic and the European Union and with the
conditions of this Order, as amended or superseded from time to time.

(a) General Conditions

    This Order is subject to the following general conditions, in
addition to the conditions specified in paragraphs (b) through (f):
    (1) Activities as MiFID ``investment services or activities.'' For
each condition in paragraphs (b) through (f) of this Order that
requires the application of, and the Covered Entity's compliance with,
provisions of MiFID, provisions of MFC that implement MiFID and/or
other EU and French requirements adopted pursuant to those provisions,
the Covered Entity's relevant security-based swap activities constitute
``investment services'' or ``investment activities,'' as defined in
MiFID article 4(1)(2) and in MFC L. 321-1, and fall within the scope of
the Covered Entity's authorization from the AMF or from the ACPR after
approval by the AMF of the Covered Firm's program of operations to
provide investment services and/or perform investment activities in the
French Republic.
    (2) Counterparties as MiFID ``clients.'' For each condition in
paragraphs (b) through (f) of this Order that requires the application
of, and the Covered Entity's compliance with, provisions of MiFID,
provisions of MFC that implement MiFID and/or other EU and French
requirements adopted pursuant to those provisions, the relevant
counterparty (or potential counterparty) to the Covered Entity is a
``client'' (or potential ``client''), as defined in MiFID article
4(1)(9) and as used in the relevant provision of MFC.
    (3) Security-based swaps as MiFID ``financial instruments.'' For
each condition in paragraphs (b) through (f) of this Order that
requires the application of, and the Covered Entity's compliance with,
provisions of MiFID, provisions of MFC that implement MiFID and/or
other EU and French requirements adopted pursuant to those provisions,
the relevant security-based swap is a ``financial instrument,'' as
defined in MiFID article 4(1)(15) and in MFC L. 211-1 and D. 211-1A.
    (4) Covered Entity as CRD/CRR ``institution.'' For each condition
in paragraph (b) through (f) of this Order that requires the
application of, and the Covered Entity's compliance with, the
provisions of CRD, provisions of MFC that implement CRD, CRR and/or
other EU and French requirements adopted pursuant to those provisions,
the Covered Entity is an ``institution,'' as defined in CRD article
3(1)(3) and CRR article 4(1)(3), and is either a credit institution or
finance company, each as defined in MFC L. 511-1.
    (5) Counterparties as EMIR ``counterparties.'' For each condition
in paragraphs (b) through (f) of this Order that requires the
application of, and the Covered Entity's compliance with, provisions of
EMIR, EMIR RTS, EMIR Margin RTS, and/or other EU

requirements adopted pursuant to those provisions, if the relevant
provision applies only to the Covered Entity's activities with
specified types of counterparties, and if the counterparty to the
Covered Entity is not any of the specified types of counterparty, the
Covered Entity complies with the applicable condition of this Order:
    (i) As if the counterparty were the specified type of counterparty;
in this regard, if the Covered Entity reasonably determines that the
counterparty would be a financial counterparty if it were established
in the EU and authorized by an appropriate EU authority, it must treat
the counterparty as if the counterparty were a financial counterparty;
and
    (ii) Without regard to the application of EMIR article 13.
    (6) Security-based swap status under EMIR. For each condition in
paragraphs (b) through (f) of this Order that requires the application
of, and the Covered Entity's compliance with, provisions of EMIR and/or
other EU requirements adopted pursuant to those provisions, either:
    (i) The relevant security-based swap is an ``OTC derivative'' or
``OTC derivative contract,'' as defined in EMIR article 2(7), that has
not been cleared by a central counterparty and otherwise is subject to
the provisions of EMIR article 11, EMIR RTS articles 11 through 15, and
EMIR Margin RTS article 2; or
    (ii) The relevant security-based swap has been cleared by a central
counterparty that is authorized or recognized to clear derivatives
contracts by a relevant authority in the EU.
    (7) Memorandum of Understanding with the French Authorities. The
Commission and the AMF and the ACPR have a supervisory and enforcement
memorandum of understanding and/or other arrangement addressing
cooperation with respect to this Order at the time the Covered Entity
complies with the relevant requirements under the Exchange Act via
compliance with one or more provisions of this Order.
    (8) Memorandum of Understanding Regarding ECB-Owned Information.
The Commission and the ECB have a supervisory and enforcement
memorandum of understanding and/or other arrangement addressing
cooperation with respect to this Order as it pertains to information
owned by the ECB at the time the Covered Entity complies with the
relevant requirements under the Exchange Act via compliance with one or
more provisions of this Order.
    (9) Notice to Commission. A Covered Entity relying on this Order
must provide notice of its intent to rely on this Order by notifying
the Commission in writing. Such notice must be sent to the Commission
in the manner specified on the Commission's website. The notice must
include the contact information of an individual who can provide
further information about the matter that is the subject of the notice.
The notice must also identify each specific substituted compliance
determination within paragraphs (b) through (f) of the Order for which
the Covered Entity intends to apply substituted compliance. A Covered
Entity must promptly provide an amended notice if it modifies its
reliance on the substituted compliance determinations in this Order.
    (10) European Union Cross-Border Matters.
    (i) If, in relation to a particular service provided by a Covered
Entity, responsibility for ensuring compliance with any provision of
MiFID or MiFIR or any other EU or French requirement adopted pursuant
to MiFID or MiFIR listed in paragraphs (b) through (f) of this Order is
allocated to an authority of the Member State of the European Union in
whose territory a Covered Entity provides the service, the AMF or the
ACPR must be the authority responsible for supervision and enforcement
of that provision or requirement in relation to the particular service.
    (ii) If responsibility for ensuring compliance with any provision
of MAR or any other EU requirement adopted pursuant to MAR listed in
paragraphs (b) through (f) of this Order is allocated to one or more
authorities of a Member State of the European Union, one of such
authorities must be the AMF or the ACPR.
    (11) Notification Requirements Related to Changes in Capital. A
Covered Entity that is prudentially regulated relying on this Order
must apply substituted compliance with respect to the requirements of
Exchange Act rule 18a-8(c) and the requirements of Exchange Act rule
18a-8(h) as applied to Exchange Act rule 18a-8(c).

(b) Substituted Compliance in Connection With Risk Control Requirements

    This Order extends to the following provisions related to risk
control:
    (1) Internal risk management. The requirements of Exchange Act
section 15F(j)(2) and related aspects of Exchange Act rule 15Fh-
3(h)(2)(iii)(I), provided that the Covered Entity is subject to and
complies with the requirements of: MiFID articles 16 and 23; MFC L.
533-2, L. 533-10.II and III, L. 533-24 and L. 533-24-1; MiFID Org Reg
articles 21 through 37, 72 through 76 and Annex IV; CRD articles 74,
76, 79 through 87, 88(1), 91(1) and (2), 91(7) through (9), 92, 94 and
95; MFC L. 511-41-1-B and L. 511-41-1-C, L. 511-51, L. 511-52.I, L.
511-53, L. 511-55 through L. 511-69, L. 511-71 through 85, L. 511-89
through L. 511-97, L. 511-102, R. 511-18-2 and R. 511-16-3; Internal
Control Order articles 106, 111, 114-15, 121-22, 130 through 134, 146
through 186, 211-12, 214-15; CRR articles 286 through 288 and 293; and
EMIR Margin RTS article 2.
    (2) Trade acknowledgement and verification. The requirements of
Exchange Act rule 15Fi-2, provided that the Covered Entity is subject
to and complies with the requirements of EMIR article 11(1)(a) and EMIR
RTS article 12.
    (3) Portfolio reconciliation and dispute reporting. The
requirements of Exchange Act rule 15Fi-3, provided that:
    (i) The Covered Entity is subject to and complies with the
requirements of EMIR article 11(1)(b) and EMIR RTS articles 13 and 15;
and
    (ii) The Covered Entity provides the Commission with reports
regarding disputes between counterparties on the same basis as it
provides those reports to competent authorities pursuant to EMIR RTS
article 15(2).
    (4) Portfolio compression. The requirements of Exchange Act rule
15Fi-4, provided that the Covered Entity is subject to and complies
with the requirements of EMIR RTS article 14.
    (5) Trading relationship documentation. The requirements of
Exchange Act rule 15Fi-5, other than paragraph (b)(5) to that rule when
the counterparty is a U.S. person, provided that the Covered Entity is
subject to and complies with the requirements of EMIR article 11(1)(a),
EMIR RTS article 12, and EMIR Margin RTS article 2.

(c) Substituted Compliance in Connection With Capital and Margin

    (1) Capital. The requirements of Exchange Act section 15F(e) and
Exchange Act rules 18a-1, and 18a-1a through d, provided that:
    (i) The Covered Entity is subject to and complies with: CRR, Part
One (General Provisions) Article 6(1), Part Two (Own Funds), Part Three
(Capital Requirements), Part Four (Large Exposures), Part Five
(Exposures to Transferred Credit Risk), Part Six (Liquidity), and Part
Seven (Leverage); MiFID Org Reg, article 23(1); BRRD, articles 45(6)
and 81(1); CRD, articles 73, 79, 86, 129, 129(1), 130, 130(1), 130(5),
131, 133, 133(1), 133(4), 141,

142(1) and (2); MFC articles, 511-41-1 A, L. 511-41-1 B, L. 533-2-1, L.
533-2-2, L. 613-44, L. 613-49.I; Decree of 3 November 2014 on internal
control, articles 10, 94-197, and 211-230; Decree of 3 November 2014
relating to capital buffers, articles 2, 16, 23, 56 through 62; and
EMIR Margin RTS, articles 2, 3(b), 7, and 19(1)(d) and (e), (3), and
(8);
    (ii) The Covered Entity applies substituted compliance for the
requirements of Exchange Act rules 18a-5(a)(9), 18a-6(b)(1)(x), and
18a-8(a)(1)(i), (a)(1)(ii), (b)(1), (b)(2), and (b)(4) pursuant to this
Order; and
    (iii)(A) The Covered Entity:
    (1) Maintains liquid assets as defined in paragraph (c)(1)(iii)(B)
that have an aggregate market value that exceeds the amount of the
Covered Entity's total liabilities by at least $100 million before
applying the deduction specified in paragraph (c)(1)(iii)(C) and by at
least $20 million after applying the deduction specified in paragraph
(c)(1)(iii)(C);
    (2) Makes and preserves for three years a quarterly record that:
    (a) Identifies and values the liquid assets maintained pursuant to
paragraph (c)(1)(iii)(A)(1);
    (b) Compares the amount of the aggregate value the liquid assets
maintained pursuant to paragraph (c)(1)(iii)(A)(1) to the amount of the
Covered Entity's total liabilities and shows the amount of the
difference between the two amounts (``the excess liquid assets
amount''); and
    (c) Shows the amount of the deduction specified in paragraph
(c)(1)(iii)(C) and the amount that deduction reduces the excess liquid
assets amount;
    (3) The Covered Entity notifies the Commission in writing within 24
hours in the manner specified on the Commission's website if the
Covered Entity fails to meet the requirements of paragraph
(c)(iii)(A)(1) and includes in the notice the contact information of an
individual who can provide further information about the failure to
meet the requirements; and
    (4) Includes its most recent statement of financial condition filed
with its local supervisor (whether audited or unaudited) with its
initial written notice to the Commission of its intent to rely on
substituted compliance under condition (a)(9) above.
    (B) For the purposes of paragraph (c)(1)(iii)(A)(1), liquid assets
are:
    (1) Cash and cash equivalents;
    (2) Collateralized agreements;
    (3) Customer and other trading related receivables;
    (4) Trading and financial assets; and
    (5) Initial margin posted by the Covered Entity to a counterparty
or a third-party custodian, provided:
    (a) The initial margin requirement is funded by a fully executed
written loan agreement with an affiliate of the Covered Entity;
    (b) The loan agreement provides that the lender waives re-payment
of the loan until the initial margin is returned to the Covered Entity;
and
    (c) The liability of the Covered Entity to the lender can be fully
satisfied by delivering the collateral serving as initial margin to the
lender.
    (C) The deduction required by paragraph (c)(1)(iii)(A) is the
amount of the Covered Entity's risk-weighted assets calculated for the
purposes of the capital requirements identified in paragraph (c)(1)(i)
divided by 12.5.
    (2) Margin. The requirements of Exchange Act section 15F(e) and
Exchange Act rule 18a-3, provided that:
    (i) The Covered Entity is subject to and complies with the
requirements of EMIR article 11; EMIR Margin RTS; CRR articles 103,
105(3); 105(10); 111(2), 224, 285, 286, 286(7), 290, 295, 296(2)(b),
297(1), 297(3), and 298(1); MiFID Org Reg. article 23(1); CRD articles
74 and 79(b); MFC articles L. 511-41-1-B, L. 533-2-2, L. 533-29, I al.
1, and L. 511-55 al. 1; and Decree of 3 November 2014 on internal
control, article 114;
    (ii) The Covered Entity collects variation margin, as defined in
the EMIR Margin RTS, from a counterparty with respect to transactions
in non-cleared security-based swaps, unless the counterparty would
qualify for an exception from the collateral collection requirements
under paragraph (c)(1)(iii) or (c)(2)(iii) of Exchange Act 18a-3;
    (iii) The Covered Entity collects initial margin, as defined in the
EMIR Margin RTS, from a counterparty with respect to transactions in
non-cleared security-based swaps, unless the counterparty would qualify
for an exception from the collateral collection requirements under
paragraph (c)(1)(iii) of Exchange Act rule 18a-3; and
    (iv) The Covered Entity applies substituted compliance for the
requirements of Exchange Act rule 18a-5(a)(12) pursuant to this Order.

(d) Substituted Compliance in Connection With Internal Supervision and
Compliance Requirements and Certain Exchange Act Section 15F(j)
Requirements

    This Order extends to the following provisions related to internal
supervision and compliance and Exchange Act section 15F(j)
requirements:
    (1) Internal supervision. The requirements of Exchange Act rule
15Fh-3(h) and Exchange Act sections 15F(j)(4)(A) and (j)(5), provided
that:
    (i) The Covered Entity is subject to and complies with the
requirements identified in paragraph (d)(3) of this Order;
    (ii) The Covered Entity complies with paragraph (d)(4) of this
Order; and
    (iii) This paragraph (d) does not extend to the requirements of
paragraph (h)(2)(iii)(I) to rule 15Fh-3 to the extent those
requirements pertain to compliance with Exchange Act sections
15F(j)(2), (j)(3), (j)(4)(B) and (j)(6), or to the general and
supporting provisions of paragraph (h) to rule 15Fh-3 in connection
with those Exchange Act sections.
    (2) Chief compliance officers. The requirements of Exchange Act
section 15F(k) and Exchange Act rule 15Fk-1, provided that:
    (i) The Covered Entity is subject to and complies with the
requirements identified in paragraph (d)(3) of this Order;
    (ii) All reports required pursuant to MiFID Org Reg article
22(2)(c) must also:
    (A) Be provided to the Commission at least annually, and in the
English language;
    (B) Include a certification signed by the chief compliance officer
or senior officer (as defined in Exchange Act rule 15Fk-1(e)(2)) of the
Covered Entity that, to the best of the certifier's knowledge and
reasonable belief and under penalty of law, the report is accurate and
complete in all material respects;
    (C) Address the Covered Entity's compliance with:
    (i) Applicable requirements under the Exchange Act; and
    (ii) The other applicable conditions of this Order in connection
with requirements for which the Covered Entity is relying on this
Order;
    (D) Be provided to the Commission no later than 15 days following
the earlier of:
    (i) The submission of the report to the Covered Entity's management
body; or
    (ii) The time the report is required to be submitted to the
management body; and
    (E) Together cover the entire period that the Covered Entity's
annual compliance report referenced in Exchange Act section 15F(k)(3)
and Exchange Act rule 15Fk-1(c) would be required to cover.
    (3) Applicable supervisory and compliance requirements. Paragraphs
(d)(1) and (d)(2) are conditioned on the Covered Entity being subject
to and complying with the following

requirements: MiFID articles 16 and 23; MFC articles L. 533-2, L. 533-
10.II and III, L. 533-24 and L. 533-24-1; MiFID Org Reg articles 21
through 37, 72 through 76 and Annex IV; CRD articles 74, 76, 79 through
87, 88(1), 91(1) and (2), 91(7) through (9), 92, 94 and 95; and MFC L.
511-41-1-B and L. 511-41-1-C, L. 511-51, L. 511-52.I, L. 511.53, L.
511-55 through L. 511-69, L. 511-71 through 85, L. 511-89 through L.
511-97, L. 511-102, R. 511-16-2 and R. 511-16-3; Internal Control Order
articles 106, 111, 114, 115, 121-22, 130-34, 146-86, 211-12, 214-15;
and CRR articles 286-88 and 293; and EMIR Margin RTS article 2.
    (4) Additional condition to paragraph (d)(1). Paragraph (d)(1)
further is conditioned on the requirement that the Covered Entity
complies with the provisions specified in paragraph (d)(3) as if those
provisions also require compliance with:
    (i) Applicable requirements under the Exchange Act; and
    (ii) The other applicable conditions of this Order in connection
with requirements for which the Covered Entity is relying on this
Order.

(e) Substituted Compliance in Connection With Counterparty Protection
Requirements

    This Order extends to the following provisions related to
counterparty protection:
    (1) Disclosure of information regarding material risks and
characteristics. The requirements of Exchange Act rule 15Fh-3(b)
relating to disclosure of material risks and characteristics of one or
more security-based swaps subject thereto, provided that the Covered
Entity, in relation to that security-based swap, is subject to and
complies with the requirements of MiFID article 24(4); MFC L. 533-12.II
and D. 533-15; and MiFID Org Reg articles 48-50.
    (2) Disclosure of information regarding material incentives or
conflicts of interest. The requirements of Exchange Act rule 15Fh-3(b)
relating to disclosure of material incentives or conflicts of interest
that a Covered Entity may have in connection with one or more security-
based swaps subject thereto, provided that the Covered Entity, in
relation to that security-based swap, is subject to and complies with
the requirements of either:
    (i) MiFID articles 23(2) and (3); MFC L. 533-10.II(3); and MiFID
Org Reg articles 33 through 35;
    (ii) MiFID article 24(9); MFC L. 533-12-4; MiFID Delegated
Directive article 11(5); and AMF General Regulation article 314-17; or
    (iii) MAR article 20(1) and MAR Investment Recommendations
Regulation articles 5 and 6.
    (3) ``Know your counterparty.'' The requirements of Exchange Act
rule 15Fh-3(e), as applied to one or more security-based swap
counterparties subject thereto, provided that the Covered Entity, in
relation to the relevant security-based swap counterparty, is subject
to and complies with the requirements of MiFID article 16(2); MFC L
533-10.II(2); MiFID Org Reg articles 21 and 22, 25 and 26 and
applicable parts of Annex I; CRD articles 74(1) and 85(1); MFC L. 511-
55 and L. 511-41-1-B; MLD articles 11 and 13; MFC L. 561-5, L. 561-5-1,
L. 561-6, L. 561-10, L. 561-4-1, R. 561-5, R. 561-5-1, R. 561-5-2, R.
561-5-4, R. 561-7, R. 561-10-3, R. 561-11-1, and R. 561-12; MLD
articles 8(3) and 8(4)(a) as applied to internal policies, controls and
procedures regarding recordkeeping of customer due diligence
activities; and MFC L. 561-4-1 as applied to vigilance measures
regarding recordkeeping of customer due diligence activities.
    (4) Suitability. The requirements of Exchange Act rule 15Fh-3(f),
as applied to one or more recommendations of a security-based swap or
trading strategy involving a security-based swap subject thereto,
provided that:
    (i) The Covered Entity, in relation to the relevant recommendation,
is subject to and complies with the requirements of MiFID articles
24(2) and (3), and 25(1) and (2); MFC L. 533-24, L. 533-24-1, L. 533-
12(I), L. 533-12-6, and L. 533-13(I); and MiFID Org Reg articles
21(1)(b) and (d), 54 and 55; and
    (ii) The counterparty to which the Covered Entity makes the
recommendation is a ``professional client'' mentioned in MiFID Annex II
section I and MFC D. 533-11 and is not a ``special entity'' as defined
in Exchange Act section 15F(h)(2)(C) and Exchange Act rule 15Fh-2(d).
    (5) Fair and balanced communications. The requirements of Exchange
Act rule 15Fh-3(g), as applied to one or more communications subject
thereto, provided that the Covered Entity, in relation to the relevant
communication, is subject to and complies with the requirements of:
    (i) Either MiFID articles 24(1) and (3) and MFC L. 533-11 and L.
533-12.I or MiFID article 30(1) and MFC L. 533-20; and
    (ii) MiFID articles 24(4) and (5); MFC L. 533-12(II) and (III) and
D. 533-15; MiFID Org Reg articles 46 through 48; MAR articles 12(1)(c),
15 and 20(1); and MAR Investment Recommendations Regulation articles 3
and 4.
    (6) Daily mark disclosure. The requirements of Exchange Act rule
15Fh-3(c), as applied to one or more security-based swaps subject
thereto, provided that the Covered Entity is required to reconcile, and
does reconcile, the portfolio containing the relevant security-based
swap on each business day pursuant to EMIR articles 11(1)(b) and 11(2)
and EMIR RTS article 13.

(f) Substituted Compliance in Connection With Recordkeeping, Reporting,
Notification, and Securities Count Requirements

    This Order extends to the following provisions that apply to a
Covered Entity related to recordkeeping, reporting, notification and
securities counts:
    (1)(i) Make and keep current certain records. The requirements of
the following provisions of Exchange Act rule 18a-5, provided that the
Covered Entity complies with the relevant conditions in this paragraph
(f)(1)(i) and with the applicable conditions in paragraph (f)(1)(ii):
    (A) The requirements of Exchange Act rule 18a-5(a)(1) or (b)(1), as
applicable, provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of MiFID Org Reg articles 74, 75, and Annex IV; MiFIR
article 25(1); and Internal Control Order articles 85, 87, 92, and 93;
and
    (2) With respect to the requirements of Exchange Act rule 18a-
5(a)(1), the Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order.
    (B) The requirements of Exchange Act rule 18a-5(a)(2), provided
that:
    (1) The Covered Entity is subject to and complies with the
requirements of CRD article 73; MiFID Delegated Directive article 2;
MiFID Org Reg articles 72, 74 and 75; EMIR article 39(4); MFC article
L. 511-41-1B; Decree of 6 September 2017 article 3; AMF General
Regulation article 312-6; and Internal Control Order articles 85, 87,
92, and 93; and
    (2) The Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order;
    (C) The requirements of Exchange Act rule 18a-5(a)(3) or (b)(2), as
applicable, provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of MiFID Delegated Directive article 2; MiFID Org Reg
articles 72, 74 and 75;

EMIR article 39(4); Decree of 6 September 2017 article 3; and AMF
General Regulation article 312-6; and
    (2) With respect to the requirements of Exchange Act rule 18a-
5(a)(3), the Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order;
    (D) The requirements of Exchange Act rule 18a-5(a)(4) or (b)(3), as
applicable, provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of CRR article 103; MiFID articles 16(6), 25(5), and
25(6); MiFID Org Reg articles 59, 74, 75 and Annex IV; MiFIR article
25(1); EMIR articles 9(2) and 11(1)(a); MFC article L. 533-10 II, L.
533-14, L. 533-15; and Internal Control Order articles 85, 86, 92, and
93; and
    (2) With respect to the requirements of Exchange Act rule 18a-
5(a)(4), the Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order;
    (E) The requirements of Exchange Act rule 18a-5(b)(4) provided that
the Covered Entity is subject to and complies with the requirements of
MiFID Org Reg article 59; EMIR articles 9(2) and 11(1)(a); MiFID
articles 16(6), 25(5), and 25(6); and MFC articles L. 533-10 I and II,
L. 533-14, and L. 533-15;
    (F) The requirements of Exchange Act rule 18a-5(a)(5) or (b)(5), as
applicable, provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of MiFID Org Reg articles 74, 75, and Annex IV; MiFIR
article 25(1); and Internal Control Order articles 85, 86, 92, and 93;
and
    (2) With respect to the requirements of Exchange Act rule 18a-
5(a)(5), the Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order;
    (G) The requirements of Exchange Act rules 18a-5(a)(6) and (a)(15)
or (b)(6) and (b)(11), as applicable, provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of CRR articles 103, 105(3), and 105(10); CRD article 73;
MiFID articles 16(6), 25(5), 25(6); MiFID Delegated Directive article
2; MiFID Org Reg articles 59, 74, 75, and Annex IV; MiFIR article
25(1); EMIR articles 9(2), 11(1)(a), and 39(4); MFC articles L. 511-41-
1-B, L. 511-51 to L. 511-88, L. 533-2-2, L. 533-10 II, L. 533-13, L.
533-14, L. 533-15; Internal Control Order articles 85, 86, 92, and 93;
Ministerial Order on the Supervisory Review and Evaluation Process;
Decree of 6 September 2017 article 3; and AMF General Regulation
article 312-6; and
    (2) The Covered Entity applies substituted compliance for the
requirements of Exchange Act rule 15Fi-2 pursuant to this Order;
    (H) The requirements of Exchange Act rule 18a-5(a)(7) or (b)(7), as
applicable, provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of MiFIR article 25(1); MLD4 articles 11 and 13; MiFID
article 25(2); Internal Control Order articles 85, 86, 92, and 93; and
MFC articles L. 533-13, L. 561-4-1, L. 561-5, L. 561-5-1, L. 561-6, R.
561-5, R. 561-5-1, R. 561-5-2, R. 561-5-3, R. 561-7, R. 561-10 II, R.
561-10-3, R. 561-11-1, R. 561-12, R. 561-15, R. 561-16, R. 561-18, R.
561-19; and
    (2) With respect to the requirements of Exchange Act rule 18a-
5(a)(7), the Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order;
    (I) The requirements of Exchange Act rule 18a-5(a)(8), provided
that:
    (1) The Covered Entity is subject to and complies with the
requirements of CRR articles 103, 105(3), and 105(10); MiFID Org Reg
articles 59, 74, 75 and Annex IV; MiFIR article 25(1); EMIR articles
9(2), 11(1)(a), and 39(4); MiFID articles 16(6), 25(5), and 25(6); CRD
article 73; MiFID Delegated Directive article 2; MFC articles L. 511-
41-1-B, L. 511-51 through L. 511-88, L. 533-2-2, L. 533-10 II, L. 533-
13, L .533-14, L. 533-15; Internal Control Order articles 85, 86, 92,
and 93; Ministerial Order on the Supervisory Review and Evaluation
Process; Decree of 6 September 2017 article 3; and AMF General
Regulation article 312-6; and
    (2) The Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order.;
    (J) The requirements of Exchange Act rule 18a-5(a)(9), provided
that:
    (1) The Covered Entity is subject to and complies with the
requirements of CRD article 73; MiFID Delegated Directive article 2;
EMIR article 39(4); MiFID Org Reg articles 72, 74, and 75; MFC article
L. 511-41-1B; Decree of 6 September 2017 article 3; and AMF General
Regulation article 312-6;
    (2) The Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order; and
    (3) This Order does not extend to the requirements of Exchange Act
rule 18a-5(a)(9) relating to Exchange Act rule 18a-2;
    (K) The requirements of Exchange Act rule 18a-5(a)(10) and (b)(8),
provided that the Covered Entity is subject to and complies with the
requirements of MiFID Org Reg articles 21(1)(d), 35; CRD articles 88,
91(1), 91(8); MiFID articles 9(1) and 16(3); MFC articles L. 511-55
through L. 511-70, L. 511-89 through L. 511-103, and L. 533-25; and
Internal Control Order articles 85, 86, 92, and 93;
    (L) The requirements of Exchange Act rule 18a-5(a)(12), provided
that:
    (1) The Covered Entity is subject to and complies with the
requirements of CRR articles 103, 105(3) and 105(10); MiFID Org Reg.
articles 72, 74 and 75; CRD article 73; MiFID Delegated Directive
article 2; MFC article L. 511-41-1B; Decree of 6 September 2017 article
3; and AMF General Regulation article 312-6;
    (2) The Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rule 18a-3
pursuant to this Order;
    (M) The requirements of Exchange Act rule 18a-5(a)(17) and (b)(13),
as applicable, regarding one or more provisions of Exchange Act rules
15Fh-3 or 15Fk-1 for which substituted compliance is available under
this Order, provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of MiFID Org Reg articles 72, 73, and Annex I; MiFID
articles 16(6) and 25(2); MLD articles 11 and 13; EMIR article 39(5);
and MFC article L. 533-10 II, L. 533-13, L. 561-4-1, L. 561-5, L. 561-
5-1, L. 561-6, R. 561-5, R. 561-5-1, R. 561-5-2, R. 561-5-3, R. 561-7,
R. 561-10 II, R. 561-10-3, R. 561-11-1, R. 561-12, R. 561-15, R. 561-
16, R. 561-18, and R. 561-19, in each case with respect to the relevant
security-based swap or activity;
    (2) With respect to the portion of Exchange Act rule 18a-5(a)(17)
and (b)(13) that relates to Exchange Act rule 15Fh-3, the Covered
Entity applies substituted compliance for such business conduct
standard(s) of Exchange Act rule 15Fh-3 pursuant to this Order, as
applicable, with respect to the relevant security-based swap or
activity; and
    (3) With respect to the portion of Exchange Act rule 18a-5(a)(17)
and (b)(13) that relates to Exchange Act rule 15Fk-1, the Covered
Entity applies substituted compliance for Exchange

Act section 15F(k) and Exchange Act rule 15Fk-1 pursuant to this Order;
    (N) The requirements of Exchange Act rule 18a-5(a)(18)(i) and (ii)
or (b)(14)(i) and (ii), as applicable, provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of EMIR article 11(1)(b) and EMIR RTS article 15(1)(a);
and
    (2) The Covered Entity applies substituted compliance for Exchange
Act rule 15Fi-3 pursuant to this Order; and
    (O) The requirements of Exchange Act rule 18a-5(a)(18)(iii) or
(b)(14)(iii), as applicable, provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of EMIR article 11(1)(b) and EMIR RTS article 15(1)(a), in
each case with respect to such security-based swap portfolio(s); and
    (2) The Covered Entity applies substituted compliance for Exchange
Act rule 15Fi-4 pursuant to this Order.
    (ii) Paragraph (f)(1)(i) is subject to the following further
conditions:
    (A) Paragraphs (f)(1)(i)(A) through (D) and (H) are subject to the
condition that the Covered Entity preserves all of the data elements
necessary to create the records required by the applicable Exchange Act
rules cited in such paragraphs and upon request furnishes promptly to
representatives of the Commission the records required by those rules;
    (B) A Covered Entity may apply the substituted compliance
determination in paragraph (f)(1)(i)(M) to records of compliance with
Exchange Act rule 15Fh-3(b), (c), (e), (f) and (g) in respect of one or
more security-based swaps or activities related to security-based
swaps; and
    (C) This Order does not extend to the requirements of Exchange Act
rule 18a-5(a)(13), (a)(14), (a)(16), (b)(9), (b)(10) or (b)(12).
    (2)(i) Preserve certain records. The requirements of the following
provisions of Exchange Act rule 18a-6, provided that the Covered Entity
complies with the relevant conditions in this paragraph (f)(2)(i) and
with the applicable conditions in paragraph (f)(2)(ii):
    (A) The requirements of Exchange Act rule 18a-6(a)(1) or (a)(2), as
applicable, provided that the Covered Entity is subject to and complies
with the requirements of MiFID Org Reg articles 72, 74, 75, and Annex
IV; CRR article 103; MiFIR article 25(1); EMIR article 9(2); MiFID
articles 16(6) and 69(2); CRD article 73; MiFID Delegated Directive
article 2; MFC articles L. 511-41-1B; L. 533-10 II, L. 621-8-4, L. 621-
9, and L. 621-10; Decree of 6 September 2017 article 3; and AMF General
Regulation article 312-6;
    (B) The requirements of Exchange Act rule 18a-6(b)(1)(i) or
(b)(2)(i), as applicable, provided that the Covered Entity is subject
to and complies with the requirements of MiFID Org Reg articles 72, 74,
75, and Annex IV; CRR article 103; MiFIR article 25(1); EMIR article
9(2); MiFID articles 16(6) and 69(2); CRD article 73; MiFID Delegated
Directive article 2; MFC articles L. 511-41-1B; L. 533-10 II, L. 621-8-
4, L. 621-9, and L. 621-10; Decree of 6 September 2017 article 3; and
AMF General Regulation article 312-6;
    (C) The requirements of Exchange Act rule 18a-6(b)(1)(ii) and
(iii), provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of MiFID Org Reg articles 72, 74, and 75; EMIR article
9(2); CRD article 73; MiFID Delegated Directive article 2; MiFID 16(6);
MFC article L. 511-41-1-B, L. 511-51 through L. 511-88, L. 533-2-2, and
L. 533-10 II; Decree of 6 September 2017 article 3; AMF General
Regulation article 312-6; Ministerial Order on the Supervisory Review
and Evaluation Process; and Internal Control Order articles 85, 86, 92,
and 93; and
    (2) The Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order;
    (D) The requirements of Exchange Act rule 18a-6(b)(1)(iv) or
(b)(2)(ii), as applicable, provided that the Covered Entity is subject
to and complies with the requirements of CRR article 103; MiFID Org Reg
articles 72, 73, 74, 75, 76, Annex I and Annex IV; MiFIR article 25(1);
EMIR article 9(2); CRD article 73; MiFID articles 16(6), 16(7); MiFID
Delegated Directive article 2; MFC articles L. 511-41-1-B, L. 511-51 to
L. 511-88, L. 533-2-2, L. 533-10 II, L. 533-10 III, Internal Control
Order articles 85, 86, 92, and 93; Ministerial Order on the Supervisory
Review and Evaluation Process; Decree of 6 September 2017 article 3;
and AMF General Regulation article 312-6;
    (E) The requirements of Exchange Act rule 18a-6(b)(1)(v), provided
that:
    (1) The Covered Entity is subject to and complies with the
requirements of EMIR article 9(2); CRR articles 99, 294, 394, 415, 430
and Part Six: Title II and Title III; CRR Reporting ITS article 14 and
annexes I-V and VIII-XIII; MiFID Org Reg article 72(1); and Internal
Control Order articles 85, 86, 92, and 93;
    (2) With respect to the requirements of Exchange Act rule 18a-
6(b)(1)(v), the Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant this Order; and
    (3) This Order does not extend to the requirements of Exchange Act
rule 18a-6(b)(1)(v) relating to Exchange Act rule 18a-2;
    (F) The requirements of Exchange Act rule 18a-6(b)(1)(vi) or
(b)(2)(iii), as applicable, provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of EMIR article 9(2); MiFID Org Reg articles 72(1) and 73;
MiFID article 16(6); and MFC articles L. 533-10 II, L. 561-12; and
    (2) With respect to the requirements of Exchange Act rule 18a-
6(b)(1)(vi), the Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order;
    (G) The requirements of Exchange Act rule 18a-6(b)(1)(vii) or
(b)(2)(iv), as applicable, provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of MiFID Org Reg articles 72(1) and 73; MiFIR article
25(1); EMIR article 9(2); MiFID article 16(6); and MFC article L. 533-
10 II; and
    (2) With respect to the requirements of Exchange Act rule 18a-
6(b)(1)(vii), the Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order;
    (H) The requirements of Exchange Act rule 18a-6(b)(1)(viii),
provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of CRR articles 99, 294, 394, 415, 430 and Part Six: Title
II and Title III; CRR Reporting ITS article 14 and annexes I-V and
VIII-XIII, as applicable; MiFID Org Reg article 72(1); and Internal
Control Order articles 85, 86, 92, and 93;
    (2) The Covered Entity applies substituted compliance for the
requirements of Exchange Act rule 18a-7(a)(1), (b), (c) through (h),
and Exchange Act rule 18a-7(j) as applied to these requirements
pursuant to this Order;
    (3) With respect to the requirements of Exchange Act rule 18a-
6(b)(1)(viii), the Covered Entity applies substituted compliance for
the requirements of Exchange Act section 15F(e) and Exchange Act rules
18a-1 through 18a-1d pursuant to this Order;
    (4) This Order does not extend to the requirements of Exchange Act
rule 18a-6(b)(1)(viii)(L); and
    (5) This Order does not extend to the requirements of Exchange Act
rule 18a-

6(b)(1)(viii)(M) relating to Exchange Act rule 18a-2.
    (I) The requirements of Exchange Act rule 18a-6(b)(1)(ix), provided
that:
    (1) The Covered Entity is subject to and complies with the
requirements of MiFID Org Reg articles 22(3)(c), 23, 24, 25(2), 26,
29(2)(c), 35 and 72(1); CRR articles 176, 286 and 293(1)(d); EMIR RTS;
EMIR article 9(2); MiFID articles 16(2), 16(3), 16(5), 24(9); MiFID
Delegated Directive article 11; CRD article 73, 75-87; MFC articles L.
511-41-1-B, L. 511-51 through L. 511-88, L. 533-10 I and II, L. 533-2,
L. 533-2-2, and L. 533-12-4; AMF General Regulation articles 314-16,
314-17; Ministerial Order on the Supervisory Review and Evaluation
Process; and Internal Control Order articles 94 through 96 and 99
through 102; and
    (2) The Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order;
    (J) The requirements of Exchange Act rule 18a-6(b)(1)(x), provided
that:
    (1) The Covered Entity is subject to and complies with the
requirements of EMIR article 9(2); MiFID Org Reg article 72(1); CRD
article 73; MiFID article 16(6); MFC articles L. 511-41-1-B, L. 511-51
through L. 511-88, L. 533-2-2, L. 533-10 II; Ministerial Order on the
Supervisory Review and Evaluation Process; and Internal Control Order
articles 94 through 96 and 99 through 102; and
    (2) The Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order;
    (K) The requirements of Exchange Act rule 18a-6(b)(1)(xii) or
(b)(2)(vii), as applicable, regarding one or more provisions of
Exchange Act rules 15Fh-3 or 15Fk-1 for which substituted compliance is
available under this Order, provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of EMIR article 9(2); MLD articles 11 and 13; MiFID Org
Reg article 72(1); MiFID article 16(6); and MFC articles L. 533-10 II,
L. 561-4-1, L. 561-5, L. 561-5-1, L. 561-6, R. 561-5, R. 561-5-1, R.
561-5-2, R. 561-5-3, R. 561-7, R. 561-10 II, R. 561-10-3, R. 561-11-1,
R. 561-12, R. 561-15, R. 561-16, R. 561-18, R. 561-19, in each case
with respect to the relevant security-based swap or activity;
    (2) With respect to the portion of Exchange Act rule 18a-
6(b)(1)(xii) or (b)(2)(vii) that relates to Exchange Act rule 15Fh-3,
the Covered Entity applies substituted compliance for such business
conduct standard(s) of Exchange Act rule 15Fh-3 pursuant to this Order,
as applicable, with respect to the relevant security-based swap or
activity; and
    (3) With respect to the portion of Exchange Act rule 18a-
6(b)(1)(xii) or (b)(2)(vii), as applicable, that relates to Exchange
Act rule 15Fk-1, the Covered Entity applies substituted compliance for
Exchange Act section 15F(k) and Exchange Act rule 15Fk-1 pursuant to
this Order;
    (L) The requirements of Exchange Act rule 18a-6(c), provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of MiFID Org Reg articles 21(1)(f) and 72(1); MiFID
article 16(6); and MFC article L. 533-10 II; and
    (2) This Order does not extend to the requirements of Exchange act
rule 18a-6(c) relating to Forms SBSE, SBSE-A, SBSE-C, SBSE-W, all
amendments to these forms, and all other licenses or other
documentation showing the registration of the Covered Entity with any
securities regulatory authority or the U.S. Commodity Futures Trading
Commission;
    (M) The requirements of Exchange Act rule 18a-6(d)(1), provided
that the Covered Entity is subject to and complies with the
requirements of MiFID Org Reg articles 35 and 72(1); CRD articles 88,
91(1), 91(8); MiFID article 9(1), 16(3), 16(6); and MFC articles L.
511-55 through L. 511-70, L. 511-89 through L. 511-103, L. 533-10 II,
L. 533-25;
    (N) The requirements of Exchange Act rule 18a-6(d)(2), provided
that:
    (1) The Covered Entity is subject to and complies with the
requirements of EMIR article 9(2); MiFID Org Reg articles 72(1) and
72(3); MiFID article 16(6); and MFC article L. 533-10 II; and
    (2) With respect to the requirements of Exchange Act rule 18a-
6(d)(2)(i), the Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order;
    (O) The requirements of Exchange Act rule 18a-6(d)(3), provided
that:
    (1) The Covered Entity is subject to and complies with the
requirements of MiFID Org Reg articles 21(1)(f), 72, 73, and Annex I;
MiFID article 16(6); and MFC article L. 533-10 II; and
    (2) With respect to the requirements of Exchange Act rule 18a-
6(d)(3)(i), the Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order;
    (P) The requirements of Exchange Act rule 18a-6(d)(4) and (d)(5),
provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of EMIR article 9(2); MiFID Org Reg articles 24, 25(2),
72(1) and 73; MiFID articles 16(2), 16(6), and 25(5); and MFC articles
L. 533-10, L. 533-14; and
    (2) The Covered Entity applies substituted compliance for Exchange
Act rules 15Fi-3, 15Fi-4, and 15Fi-5 pursuant to this Order;
    (Q) The requirements of Exchange Act rule 18a-6(e), provided that
the Covered Entity is subject to and complies with the requirements of
MiFID Org Reg articles 21(2), 58, 72(1) and 72(3); MiFID articles
16(5), 16(6); and MFC articles L. 533-2, L. 533-10 II; and
    (R) The requirements of Exchange Act rule 18a-6(f), provided that
the Covered Entity is subject to and complies with the requirements of
MiFID Org Reg article 31(1); MiFID article 16(5); and MFC articles L.
533-2 and L. 533-10 II.
    (ii) Paragraph (f)(2)(i) is subject to the following further
conditions:
    (A) A Covered Entity may apply the substituted compliance
determination in paragraph (f)(2)(i)(K) to records related to Exchange
Act rule 15Fh-3(b), (c), (e), (f) and (g) in respect of one or more
security-based swaps or activities related to security-based swaps; and
    (B) This Order does not extend to the requirements of Exchange Act
rule 18a-6(b)(1)(xi), (b)(1)(xiii), (b)(2)(v), (b)(2)(vi), or
(b)(2)(viii).
    (3) File Reports. The requirements of the following provisions of
Exchange Act rule 18a-7, provided that the Covered Entity complies with
the relevant conditions in this paragraph (f)(3):
    (i) The requirements of Exchange Act rule 18a-7(a)(1) or (a)(2), as
applicable, and the requirements of Exchange Act rule 18a-7(j) as
applied to the requirements of Exchange Act rule 18a-7(a)(1) or (a)(2),
as applicable, provided that:
    (A) The Covered Entity is subject to and complies with the
requirements of CRR articles 99, 394, 430 and Part Six: Title II and
Title III; CRR Reporting ITS annexes I, II, III, IV, V, VIII, IX, X,
XI, XII and XIII, as applicable;
    (B) The Covered Entity files periodic unaudited financial and
operational information with the Commission or its designee in the
manner and format required by Commission rule or order and presents the
financial information in the filing in accordance with generally
accepted accounting principles that the Covered Entity uses to prepare
general purpose publicly

available or available to be issued financial statements in France;
    (C) With respect to the requirements of Exchange Act rule 18a-
7(a)(1), the Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order; and
    (D) With respect to the requirements of Exchange Act rule 18a-
7(a)(1), the Covered Entity applies substituted compliance for the
requirements of Exchange Act rule 18a-6(b)(1)(viii) pursuant to this
Order;
    (ii) The requirements of Exchange Act rule 18a-7(a)(3) and the
requirements of Exchange Act rule 18a-7(j) as applied to the
requirements of paragraph (a)(3) of Exchange Act rule 18a-7, provided
that:
    (A) The Covered Entity is subject to and complies with the
requirements of CRR articles 99, 394, 431, 433, 452, 454, and 455; CRR
Reporting ITS annexes I, II, VIII and IX, as applicable; and
    (B) The Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order;
    (iii) The requirements of Exchange Act rule 18a-7(b), provided
that:
    (A) The Covered Entity is subject to and complies with the
requirements of CRR articles 431 through 455; MFC articles L. 511-35,
L. 511-36, L. 511-37, R. 511-6; and French Commerce Code articles L.
232-1, R. 232-1 through R. 232-8, L. 823-1 through L. 823-8-1; and
    (B) The Covered Entity applies substituted compliance for the
requirements of Exchange Act rule 18a-6(b)(1)(viii) pursuant to this
Order.
    (iv) The requirements of Exchange Act rule 18a-7(c), (d), (e), (f),
(g) and (h) and the requirements of Exchange Act rule 18a-7(j) as
applied to the requirements of paragraphs (c), (d), (e), (f), (g) and
(h) of Exchange Act rule 18a-7, provided that:
    (A) The Covered Entity is subject to and complies with the
requirements of CRR articles 26(2), 132(5), 154, 191, 321, 325bi, 350,
353, 368, 418; MFC articles L. 511-35, L. 511-36, L. 511-37, L. 511-38
or article L. 533-5, as applicable; MFC articles R. 511-6, L. 511-45,
and L. 533-10 II; French Commerce Code articles L. 232-1, R. 232-1
through R. 232-8, L. 823-1 through L. 823-8-1; Decree of 6 September
2017 articles 3 and 10; and AMF General Regulation articles 312-6 and
312-7;
    (B) With respect to financial statements, the Covered Entity is
required to file annually with the French AMF, including a report of an
independent public accountant covering the financial statements, the
Covered Entity:
    (1) Simultaneously sends a copy of such annual financial statements
and the report of the independent public accountant covering the annual
financial statements to the Commission in the manner specified on the
Commission's website;
    (2) Includes with the transmission the contact information of an
individual who can provide further information about the financial
statements and report;
    (3) Includes with the transmission the report of an independent
public accountant required by Exchange Act rule 18a-7(c)(1)(i)(C)
covering the annual financial statements if French laws do not require
the Covered Entity to engage an independent public accountant to
prepare a report covering the annual financial statements; provided,
however, that such report of the independent public accountant may be
prepared in accordance with generally accepted auditing standards in
France that the independent public accountant uses to perform audit and
attestation services and the accountant complies with French
independence requirements;
    (4) Includes with the transmission the reports required by Exchange
Act rule 18a-7(c)(1)(i)(B) and (C) addressing the statements identified
in Exchange Act rule 18a-7(c)(3) or (c)(4), as applicable, that relate
to Exchange Act rule 18a-4; provided, however, that the report of the
independent public accountant required by Exchange Act rule 18a-
7(c)(1)(i)(C) may be prepared in accordance with generally accepted
auditing standards in France that the independent public accountant
uses to perform audit and attestation services and the accountant
complies with French independence requirements;
    (5) Includes with the transmission the supporting schedules and
reconciliations, as applicable, required by Exchange Act rules 18a-
7(c)(2)(ii) and (iii), respectively, relating to Exchange Act rule 18a-
2; and
    (6) Includes with the transmission the supporting schedules and
reconciliations, as applicable, required by Exchange Act rules 18a-
7(c)(2)(ii) and (iii), respectively, relating to Exchange Act rules
18a-4 and 18a-4a;
    (C) The Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order; and
    (D) The Covered Entity applies substituted compliance for the
requirements of Exchange Act rule 18a-6(b)(1)(viii) pursuant to this
Order.
    (4)(i) Provide Notification. The requirements of the following
provisions of Exchange Act rule 18a-8, provided that the Covered Entity
complies with the relevant conditions in this paragraph (f)(4)(i) and
with the applicable conditions in paragraph (f)(4)(ii):
    (A) The requirements of paragraphs (a)(1)(i), (a)(1)(ii), (b)(1),
(b)(2), and (b)(4) of Exchange Act rule 18a-8 and the requirements of
Exchange Act rule 18a-8(h) as applied to the requirements of paragraphs
(a)(1)(i), (a)(1)(ii), (b)(1), (b)(2), and (b)(4) of Exchange Act rule
18a-8, provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of CRR article 366(5); MFC articles L. 511-33II, L. 634-1,
and L. 634-2; and Internal Control Order article 249 and 249-1; and
    (2) The Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order;
    (B) The requirements of Exchange Act rule 18a-8(c) and the
requirements of Exchange Act rule 18a-8(h) as applied to the
requirements of Exchange Act rule 18a-8(c), provided that the Covered
Entity is subject to and complies with the requirements of MFC articles
L. 511-33II, L. 634-1, and L. 634-2; and Internal Control Order article
249 and 249-1.
    (C) The requirements of Exchange Act rule 18a-8(d) and the
requirements of Exchange Act rule 18a-8(h) as applied to the
requirements of Exchange Act rule 18a-8(d), provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of MFC articles L. 511-33II, L. 634-1, and L. 634-2; and
Internal Control Order article 249 and 249-1; and
    (2) This Order does not extend to the requirements of Exchange Act
rule 18a-8(d) to give notice with respect to books and records required
by Exchange Act rule 18a-5 for which the Covered Entity does not apply
substituted compliance pursuant to this Order;
    (D) The requirements of Exchange Act rule 18a-8(e) and the
requirements of Exchange Act rule 18a-8(h) as applied to the
requirements of Exchange Act rule 18a-8(e), provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of MFC articles L. 511-33II, L. 634-1, and L. 634-2; and
Internal Control Order article 249 and 249-1;
    (2) The Covered Entity applies substituted compliance for the
requirements of Exchange Act section

15F(e) and Exchange Act rules 18a-1 through 18a-1d pursuant to this
Order;
    (3) This Order does not extend to the requirements of Exchange act
rule 18a-8(e) relating to Exchange Act rule 18a-2 or to the
requirements of Exchange Act rule 18a-8(h) as applied to the
requirements of Exchange Act rule 18a-8(e) relating to Exchange Act
rule 18a-2; and
    (4) This Order does not extend to the requirements of Exchange act
rule 18a-8(e) relating to Exchange Act rule 18a-4 or to the
requirements of Exchange Act rule 18a-8(h) as applied to the
requirements of Exchange Act rule 18a-8(e) relating to Exchange Act
rule 18a-4;
    (ii) Paragraph (f)(4)(i) is subject to the following further
conditions:
    (A) The Covered Entity:
    (1) Simultaneously sends a copy of any notice required to be sent
by French law cited in this paragraph of the Order to the Commission in
the manner specified on the Commission's website; and
    (2) Includes with the transmission the contact information of an
individual who can provide further information about the matter that is
the subject of the notice;
    (B) This Order does not extend to the requirements of paragraphs
(a)(2) and (b)(3) of Exchange Act rule 18a-8 relating to Exchange Act
rule 18a-2 or to the requirements of Exchange Act rule 18a-8(h) as
applied to the requirements of paragraphs (a)(2) and (b)(3) of Exchange
Act rule 18a-8 relating to Exchange Act rule 18a-2; and
    (C) This Order does not extend to the requirements of paragraph (g)
of Exchange Act rule 18a-8 or to the requirements of Exchange Act rule
18a-8(h) as applied to the requirements of paragraph (g) of Exchange
Act rule 18a-8.
    (5) Securities Counts. The requirements of Exchange Act rule 18a-9,
provided that:
    (1) The Covered Entity is subject to and complies with the
requirements of EMIR article 11(1)(b); EMIR RTS articles 12 and 13;
MiFID Delegated Directive articles 2 and 8; Decree of 6 September 2017
articles 3 and 10; and AMF General Regulation articles 312-6 and 312-7;
and
    (2) The Covered Entity applies substituted compliance for the
requirements of Exchange Act section 15F(e) and Exchange Act rules 18a-
1 through 18a-1d pursuant to this Order.
    (6) Daily Trading Records. The requirements of Exchange Act section
15F(g), provided that the Covered Entity is subject to and complies
with the requirements of MFC articles L. 533-10 II and L. 533-10 III;
and MiFID Org Reg article 21(1)(f), 21(4), and 72(1).
    (7) Examination and Production of Records. Notwithstanding the
forgoing provisions of paragraph (f) of this Order, this Order does not
extend to, and Covered Entities remain subject to, the requirement of
Exchange Act section 15F(f) to keep books and records open to
inspection by any representative of the Commission and the requirement
of Exchange Act rule 18a-6(g) to furnish promptly to a representative
of the Commission legible, true, complete, and current copies of those
records of the Covered Entity that are required to be preserved under
Exchange Act rule 18a-6, or any other records of the Covered Entity
that are subject to examination or required to be made or maintained
pursuant to Exchange Act section 15F that are requested by a
representative of the Commission.
    (8) English Translations. Notwithstanding the forgoing provisions
of paragraph (f) of this Order, to the extent documents are not
prepared in the English language, Covered Entities must promptly
furnish to a representative of the Commission upon request an English
translation of any record, report, or notification of the Covered
Entity that is required to be made, preserved, filed, or subject to
examination pursuant to Exchange Act section 15F of this Order.

(g) Definitions

    (1) ``Covered Entity'' means an entity that:
    (i) Is a security-based swap dealer or major security-based swap
participant registered with the Commission;
    (ii) Is not a ``U.S. person,'' as that term is defined in rule
3a71-3(a)(4) under the Exchange Act; and
    (iii) Is an investment firm authorized by the ACPR to provide
investment services or perform investment activities in the French
Republic, or a credit institution authorized by the ACPR, after
approval by the AMF of its program of operations, to provide investment
services or perform investment activities in the French Republic, and
supervised by the AMF under its Tier 1 framework.
    (2) ``MiFID'' means the ``Markets in Financial Instruments
Directive,'' Directive 2014/65/EU, as amended from time to time.
    (3) ``MFC'' means France's ``Code mon[eacute]taire et financier,''
as amended from time to time.
    (4) ``Internal Control Order'' means the French AMF's
Arr[ecirc]t[eacute] of 3 November 2014 on Internal Control of Companies
in the Banking, Payment Services and Investment Services Sector Subject
to the Supervision of the Authorit[eacute] de Contr[ocirc]le Prudentiel
et de R[eacute]solution, as amended from time to time.
    (5) ``Prudential Supervision and Risk Assessment Order'' means the
French ministerial order on prudential supervision and risk assessment,
as amended from time to time.
    (6) ``MiFID Org Reg'' means Commission Delegated Regulation (EU)
2017/565, as amended from time to time.
    (5) ``MiFID Delegated Directive'' means Commission Delegated
Directive (EU) 2017/593, as amended from time to time.
    (6) ``MLD'' means Directive (EU) 2015/849, as amended from time to
time.
    (7) ``MiFIR'' means Regulation (EU) 600/2014, as amended from time
to time.
    (8) ``EMIR'' means the ``European Market Infrastructure
Regulation,'' Regulation (EU) 648/2012, as amended from time to time.
    (9) ``EMIR RTS'' means Commission Delegated Regulation (EU) 149/
2013, as amended from time to time.
    (10) ``EMIR Margin RTS'' means Commission Delegated Regulation (EU)
2016/2251, as amended from time to time.
    (11) ``CRR Reporting ITS'' means Commission Implementing Regulation
(EU) 680/2014, as amended from time to time.
    (12) ``CRD'' means Directive 2013/36/EU, as amended from time to
time.
    (13) ``CRR'' means Regulation (EU) 575/2013, as amended from time
to time.
    (14) ``MAR'' means the ``Market Abuse Regulation,'' Regulation (EU)
596/2014, as amended from time to time.
    (15) ``MAR Investment Recommendations Regulation'' means Commission
Delegated Regulation (EU) 2016/958, as amended from time to time.
    (16) ``AMF'' means the French Autorit[eacute] des March[eacute]s
Financiers.
    (17) ``ACPR'' means the French Authorit[eacute] de Contr[ocirc]le
Prudentiel et de R[eacute]solution.
    (18) ``ECB'' means the European Central Bank.
    (19) ``Accounting Directive'' means Directive 2013/34/EU of the
European Parliament and of the Council of 26 June 2013, as amended from
time to time.
    (20) ``Decree of 6 September 2017'' means France's Decree number
2017-1324 of 6 September 2017, as amended from time to time.
    (21) ``AMF General Regulation'' means France's ``R[egrave]glement
G[eacute]n[eacute]ral de L'Autorit[eacute] des March[eacute]s
Financiers,'' as amended from time to time.

    (22) ``Ministerial Order on the Supervisory Review and Evaluation
Process'' means France's Arr[ecirc]t[eacute] of 3 November 2014 on the
Process for Prudential Supervision and Risk Assessment of Banking
Service Providers and Investment Firms Other than Portfolio Management
Companies, as amended from time to time.
    (23) ``French Commerce Code'' means the French Commercial Code, as
amended from time to time.
    (24) ``Prudentially regulated'' means a Covered Entity that has a
``prudential regulator'' as that term is defined in Exchange Act
section 3(a)(74).
    (25) ``Decree of 3 November 2014 relating to capital buffers''
means Arr[ecirc]t[eacute] of 3 November 2014 relating to the capital
buffers of banking service providers and investment firms other than
portfolio management companies, as amended from time to time.
    (26) ``BRRD'' means Bank Recovery and Resolution Directive 2014/59/
EU of the European Parliament and of the Council of 15 May 2014, as
amended from time to time.
    (27) ``Decree of 20 February 2007 relating to prudential
requirements'' means Arr[ecirc]t[eacute] of 20 February 2007 relating
to prudential requirements applicable to credit institutions and
investment firms, as amended from time to time.

    By the Commission.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2021-16135 Filed 7-30-21; 8:45 am]
BILLING CODE 8011-01-P