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Federal Register / Vol. 86, No. 155 / Monday, August 16, 2021 / Notices
any of the questions that the Commission asked in connection with the German Notice and Proposed Order,113 the French Notice and Proposed Order,114 the French Reopening Order,115 or the UK Notice and Proposed Order 116 differ if those questions applied to Swiss regulatory requirements and frameworks?

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B. Risk Control Requirements The Commission requests comment regarding the proposed grant of substituted compliance in connection with requirements under the Exchange Act related to internal risk management systems, trade acknowledgement and verification, portfolio reconciliation, and portfolio compression. Commenters particularly are invited to address the basis for substituted compliance in connection with those risk control requirements, and the proposed conditions and limitations connected to substituted compliance for those requirements.
The Commission further requests comment regarding the initial determination to not grant substituted compliance in connection with dispute reporting and trading relationship documentation. Commenters particularly are invited to address the basis for not providing a grant of substituted compliance in connection with those risk control requirements.
With respect to all risk control requirements, commenters also are invited to address any differences between Swiss regulatory requirements and frameworks and either the German or French requirements and frameworks that formed the basis for the Commissions conditional grants of substituted compliance for those countries, or the UK requirements and frameworks that formed the basis for the Commissions proposed conditional grant of substituted compliance for the UK.117 Would the responses to any of the questions about risk control requirements that the Commission asked in connection with the German Notice and Proposed Order, 85 FR 72726; French Notice and Proposed Order, 85 FR 85720; UK
Notice and Proposed Order, 86 FR 18378.
113 German Notice and Proposed Order, 85 FR at 72740.
114 French Notice and Proposed Order, 85 FR
85720 at 85734.
115 French Reopening Release, 86 FR 18341.
116 UK Notice and Proposed Order, 86 FR at 18406.
117 See German Substituted Compliance Order, 85
FR at 8568991; French Substituted Compliance Order, 86 FR at 4162229; UK Substituted Compliance Order, 86 FR at 4333137. See also German Notice and Proposed Order, 85 FR at 7273032; French Notice and Proposed Order, 85
FR at 8572425; UK Notice and Proposed Order, 85
FR at 1838385.

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Notice and Proposed Order,118 the French Notice and Proposed Order,119
the French Reopener,120 or the UK
Notice and Proposed Order 121 differ if those questions applied to Swiss regulatory requirements and frameworks?
C. Internal Supervision, Chief Compliance Officer and Additional Exchange Act Section 15Fj Requirements The Commission requests comment regarding the proposed grant of substituted compliance in connection with requirements under the Exchange Act related to internal supervision and chief compliance officers, as well as additional Exchange Act section 15Fj requirements. Commenters particularly are invited to address the basis for substituted compliance in connection with those risk control requirements, and the proposed conditions and limitations connected to substituted compliance for those requirements.
With respect to internal supervision and chief compliance officer requirements, as well as additional Exchange Act section 15Fj requirements, commenters also are invited to address any differences between Swiss regulatory requirements and frameworks and either the German or French requirements and frameworks that formed the basis for the Commissions conditional grants of substituted compliance for those countries, or the UK requirements and frameworks that formed the basis for the Commissions proposed conditional grant of substituted compliance for the UK.122 In addition, would the responses to any of the questions about internal supervision or chief compliance officer requirements, or the additional Exchange Act section 15Fj requirements, that the Commission asked in connection with the German Notice and Proposed Order,123 the French Notice and Proposed Order,124
118 German Notice and Proposed Order, 85 FR at 72740.
119 French Notice and Proposed Order, 85 FR at 85734.
120 French Reopening Release, 86 FR 18341.
121 UK Notice and Proposed Order, 86 FR at 18406.
122 See German Substituted Compliance Order, 85
FR at 8569192; French Substituted Compliance Order, 86 FR at 4163943; UK Substituted Compliance Order, 86 FR at 4334743353. See also German Notice and Proposed Order, 85 FR at 7273234; French Notice and Proposed Order, 85
FR at 8572628; UK Notice and Proposed Order, 85
FR at 1838990.
123 German Notice and Proposed Order, 85 FR at 72740.
124 French Notice and Proposed Order, 85 FR at 85734.

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the French Reopener,125 or the UK
Notice and Proposed Order 126 differ if those questions applied to Swiss regulatory requirements and frameworks?
D. Recordkeeping, Reporting, and Notification The Commission requests comment regarding the proposed grants of substituted compliance in connection with requirements under the Exchange Act related to recordkeeping, reporting, and notification, as well as the requirement of Exchange Act section 15Fg. Commenters particularly are invited to address the basis for substituted compliance in connection with those requirements, and the proposed conditions and limitations connected to substituted compliance for those requirements. Does Swiss law taken as a whole produce regulatory outcomes that are comparable to those of Exchange Act section 15Fg and Exchange Act rules 18a5, 18a6, 18a 7, and 18a8? In this regard, commenters are invited to address Swiss laws cited for each substituted compliance determination with respect to the distinct requirements within the recordkeeping, reporting, and notification rules i.e., the rules for which a more granular approach to substituted compliance is being taken.
With respect to each substituted compliance determination, the Commission seeks comment on the following matters: 1 Will the Swiss laws cited for the determination result in a comparable regulatory outcome; 2
are there additional or alternative Swiss laws that should be cited to achieve a comparable regulatory outcome; and 3
are any of the Swiss laws cited for the determination unnecessary to achieve a comparable regulatory outcome?
Commenters particularly are invited to address the proposed condition with respect to Exchange Act rule 18a5 that the Covered Entity: 1 Preserve all of the data elements necessary to create the records required by Exchange Act rules 18a5b1, 2, 3, and 7; and 2
upon request furnish promptly to representatives of the Commission the records required by those rules. Do the relevant Swiss laws require Covered Entities to retain the data elements necessary to create the records required by these rules? If not, please identify which data elements are not preserved pursuant to the relevant Swiss laws.
Further, how burdensome would it be for a Covered Entity to format the data 125 French 126 UK

Reopening Release, 86 FR 18341.
Notice and Proposed Order, 86 FR at
18406.

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