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Federal Register / Vol. 86, No. 149 / Friday, August 6, 2021 / Notices
jbell on DSKJLSW7X2PROD with NOTICES2

UK MiFID Org Reg, the Covered Entitys relevant security-based swap activities must constitute investment services or activities, as defined in the FCA Handbook Glossary, must be carried on by the Covered Entity from an establishment in the UK and must fall within the scope of the Covered Entitys authorization from the FCA
and/or PRA to conduct regulated activities in the UK.41
UK MiFID or equivalent third country businessFor each condition in the proposed Order that requires the application of, and compliance with, provisions of the Conduct of Business Sourcebook of the FCA Handbook FCA COBS 2, 4, 6, 8A, 9A, 14, and/
or 14A, the Covered Entitys relevant security-based swap activities must constitute MiFID or equivalent third country business, as defined in the FCA Handbook Glossary, must be carried on by the Covered Entity from an establishment in the UK and must fall within the scope of the Covered Entitys authorization from the FCA
and/or PRA to conduct regulated activities in the UK.42
UK designated investment businessFor each condition in the proposed Order that requires the application of, and compliance with, provisions of FCA COBS 11, the Covered Entitys relevant security-based swap activities must constitute MiFID
business that is also designated investment business, each as defined in the FCA Handbook Glossary, must be carried on by the Covered Entity from an establishment in the UK and must fall within the scope of the Covered Entitys authorization from the FCA
and/or PRA to conduct regulated activities in the UK.43
UK MiFID businessFor each condition in the proposed Order that requires the application of, and compliance with, provisions of the Client Asset Sourcebook of the FCA
Handbook FCA CASS 6 and/or 7, the Covered Entity must not be an investment company with variable capital as defined in the FCA
Handbook Glossary,44 the Covered Entitys relevant security-based swap activities must constitute regulated activities as defined for purposes of the 41 See UK Substituted Compliance Notice and Proposed Order, 86 FR at 18381.
42 See UK Substituted Compliance Notice and Proposed Order, 86 FR at 18381. In the final Order, the Commission has corrected the typographical error in paragraph a3 by changing FCA COBS
14A to 16A. See para. a3 of the Order.
43 See UK Substituted Compliance Notice and Proposed Order, 86 FR at 18381.
44 See UK Substituted Compliance Notice and Proposed Order, 86 FR at 18381.

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relevant UK provisions and MiFID
business as defined in the FCA
Handbook Glossary, must be carried on by the Covered Entity from an establishment in the UK and must fall within the scope of the Covered Entitys authorization from the FCA and/or PRA
to conduct regulated activities in the UK.45
Activities covered by FCA SYSC
10AFor each condition in the proposed Order that requires the application of, and compliance with, provisions of FCA SYSC 10A, the Covered Entitys relevant security-based swap activities must constitute activities described in FCA SYSC 10A.1.12a, b and/or c, must be carried on by the Covered Entity from an establishment in the UK and must fall within the scope of the Covered Entitys authorization from the FCA and/or PRA to conduct regulated activities in the UK.46
UK MiFID clientsFor each condition in the proposed Order that requires the application of, and compliance with, provisions of FCA
CASS 6 and/or 7, FCA COBS 2, 4, 6, 8A, 9A, 11, 14, and/or 14A, FCA PROD 3, FCA SYSC 10.1.8, FCA SYSC 10A, and/
or UK MiFID Org Reg, the Covered Entitys relevant counterparties or potential counterparties must be clients or potential clients as defined in FCA COBS 3.2.1R.47
UK MiFID financial instrumentsFor each condition in the proposed Order that requires the application of, and compliance with, provisions of FCA CASS 6 and/or 7, FCA COBS 2, 4, 6, 8A, 9A, 11, 14, and/
or 14A, FCA PROD 3, FCA SYSC 10A, the UK version of Market Abuse Regulation EU 596/2014 UK MAR, the UK version of Commission Delegated Regulation EU 2016/958
UK MAR Investment Recommendations Regulation, and/or UK MiFID Org Reg, the relevant security-based swap must be a financial instrument as defined in Part 1 of Schedule 2 of the UK
Regulated Activities Order.48
UK CRD/CRR institutionFor each condition in the proposed Order 45 See UK Substituted Compliance Notice and Proposed Order, 86 FR at 18381.
46 See UK Substituted Compliance Notice and Proposed Order, 86 FR at 18381.
47 See UK Substituted Compliance Notice and Proposed Order, 86 FR at 18381. In the final Order, the Commission has corrected the typographical error in paragraph a7 by changing FCA COBS
14A to 16A. See para. a7 of the Order.
48 See UK Substituted Compliance Notice and Proposed Order, 86 FR at 1838182. In the final Order, the Commission has corrected the typographical error in paragraph a8 by changing FCA COBS 14A to 16A. See para. a8 of the Order.

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that requires the application of, and compliance with, provisions of the UK
version of the Capital Requirements Regulation, Regulation EU No 575/
2013 UK CRR, the Covered Entity must be an institution as defined in UK CRR article 413.49
Common platform firm or third country firmFor each condition in the proposed Order that requires the application of, and compliance with, provisions of FCA SYSC 4, 5, 6, 7, 9, and/or 10, the Covered Entity must be either a common platform firm other than a UCITS investment firm or a third country firm, each as defined in the FCA Handbook Glossary.50
IFPRU investment firmFor each condition in the proposed Order that requires the application of, and compliance with, provisions of FCA
SYSC 19A, the Prudential Sourcebook for Investment Firms of the FCA
Handbook FCA IFPRU, and/or the Prudential Sourcebook for Banks, Building Societies and Investment Firms of the FCA Handbook FCA
BIPRU, the Covered Entity must be an IFPRU investment firm as defined in the FCA Handbook Glossary.51
UK bank or UK designated investment firmFor each condition in the proposed Order that requires the application of, and compliance with, provisions of FCA SYSC 19D and/or certain parts of the PRA Rulebook, the Covered Entity must be a UK bank or UK designated investment firm, each as defined in the FCA Handbook Glossary in the case of chapter 19D of FCA SYSC or in the PRA Rulebook Glossary in the case of a part of the PRA Rulebook.52
Covered Entitys counterparties as UK EMIR counterpartiesFor each condition in the proposed Order that requires the application of, and compliance with, provisions of the UK
version of the European Market Infrastructure Regulation EMIR, Regulation EU No 648/2012 UK
EMIR, the UK version of Commission Delegated Regulation EU No 149/2013
UK EMIR RTS, and/or the UK
version of Commission Delegated Regulation EU 2016/2251 UK EMIR
Margin RTS, if the counterparty to the Covered Entity is not a financial counterparty or non-financial counterparty as defined in UK EMIR
articles 28 or 29, respectively, the 49 See UK Substituted Compliance Notice and Proposed Order, 86 FR at 18382.
50 See UK Substituted Compliance Notice and Proposed Order, 86 FR at 18382.
51 See UK Substituted Compliance Notice and Proposed Order, 86 FR at 18382.
52 See UK Substituted Compliance Notice and Proposed Order, 86 FR at 18382.

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