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Federal Register / Vol. 86, No. 149 / Friday, August 6, 2021 / Notices
with respect to PRA General Organisational Requirement 5.2,475
both of which are relevant to employment application record creation but not employment application record preservation. Accordingly, the Commission is not removing references to these UK requirements from the Orders list of UK requirements comparable to Exchange Act rules 18a 5a10 and b8, but is removing references to these requirements from the Orders list of UK requirements comparable to Exchange Act rule 18a 6d1.
The commenter recommended deleting from paragraphs f1iK and f2iM of the Order references to FCA SYSC 4.3A.1R and 4.3A.3R
management body, FCA SYSC 10.1.7R
managing conflicts, and FCA SYSC 27
certification regime, reasoning that they do not correspond to, and go beyond, the requirements of Exchange Act rules 18a5a10 and b8
employment application record creation and 18a6d1 employment application record preservation. These provisions identify characteristics and standards applicable to a firms employees, or require a conflicts of interest record to be maintained, which are relevant to employment application record creation but not employment application record preservation.
Accordingly, the Commission is not removing references to these UK
requirements from the Orders list of UK
requirements comparable to Exchange Act rules 18a5a10 and b8, but is removing references to these requirements from the Orders list of UK
requirements comparable to Exchange Act rule 18a6d1.
The commenter recommended replacing in paragraph f1iK of the Order references to UK MiFID Org Reg article 211a with references to UK
MiFID Org Reg article 211d due to an incorrect reference in the FCA
Application with respect to Exchange Act rules 18a5a10 and b8. The Commission agrees with the commenters reasoning and is therefore replacing references to UK MiFID Org Reg article 211a with references to UK MiFID Org Reg article 211d in the Orders list of UK requirements comparable to Exchange Act rules 18a 5a10 and b8.476
The commenter recommended replacing in paragraphs f1iN1
and f1iO1 of the Order references to UK EMIR RTS article 151 with UK
475 See
FCA Application at 127.
para. f1iK of the UK
Substituted Compliance Notice and Proposed Order, with para. f1iK of the Order.
476 Compare
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EMIR RTS article 151a with respect to Exchange Act rules 18a5a18 and b14 because the remainder of article 151 does not include a record creation requirement. The Commission agrees with the commenters reasoning and is therefore replacing references to UK
EMIR RTS article 151 with UK EMIR
RTS article 151a in the Orders list of UK requirements comparable to Exchange Act rules 18a5a18 and b14.
The commenter recommended deleting from paragraph f2E1 of the Order references to UK CRR and UK
CRR Reporting ITS, which relate to supervisory reports to be made, reasoning that they do not correspond to, and go beyond, the requirements of Exchange Act rule 18a6b1v.
Although these UK laws relate to reporting requirements, the information contained in these reports is relevant to the records required by Exchange Act rule 18a6b1v. In addition, the FCA
Application specifically cites these requirements as comparable to Exchange Act rule 18a6b1v.477
Accordingly, the Commission is not removing references to this UK
requirement from the Orders list of UK
requirements comparable to Exchange Act rule 18a6b1v.
The commenter recommended deleting from paragraph f2iI1 of the Order references to UK CRR articles 286 and 2931d, which relate to the use of internal models for credit risk, reasoning that they do not correspond to, and go beyond, the requirements of Exchange Act rule 18a6b1ix. The policies, processes and systems with respect to UK CRR article 286 and adequate resources devoted to credit and counterparty risk control with respect to UK CRR article 2931d in practice require firms to maintain records relevant to Exchange Act rule 18a6b1ix. Accordingly, the Commission is not removing references to these UK requirements from the Orders list of UK requirements comparable to Exchange Act rule 18a 6b1ix.
The commenter recommended deleting from paragraph f2iI1 of the Order references to PRA Risk Control Rule 2.3, which sets a requirement that the management body approves and periodically reviews the strategies and policies for taking up, managing, monitoring, and mitigating risks, reasoning that it does not correspond to, and goes beyond, the requirements of Exchange Act rule 18a 6b1ix. The Commission disagrees because in practice, this UK rule
requires records to manage the firms risks. Accordingly, the Commission is not removing references to this UK
requirement from the Orders list of UK
requirements comparable to Exchange Act rule 18a6b1ix.
The commenter recommended deleting from paragraph f2iI1 of the Order references to UK EMIR RTS, reasoning that referencing an entire UK
law without referencing a specific provision is does not correspond to, and goes beyond, the requirements of Exchange Act rule 18a6b1ix. This provision is cited by the FCA
Application as directly relevant because it requires firms to implement formalised processes for identifying and resolving disputes, 478 which is relevant to Exchange Act rule 18a 6b1ix. Accordingly, the Commission is not removing references to this UK requirement from the Orders list of UK requirements comparable to Exchange Act rule 18a6b1ix.
The commenter recommended deleting from paragraph f2iM of the Order references to FSMA sections 60A2 and 63F2, SMR Applications and Notifications Rules, PRA
Certification Rules, PRA General Organisational Requirements Rules, and FCA SUP, reasoning that they do not correspond to, and go beyond, the requirements of Exchange Act rule 18a 6d1. The Commission agrees with the commenters reasoning because these provisions relate to record creation rather than record preservation, and is removing references to these UK
requirements from the Orders list of UK
requirements comparable to Exchange Act rule 18a6d1.
The commenter recommended deleting from paragraph f2iO of the Order references to FCA SYSC
6.1.1R and 10.1.6R, which relate to risk management control systems and risk control records, reasoning that they do not correspond to, and go beyond, the requirements of Exchange Act rule 18a 6d3. However, the FCA Application cites these provisions as requiring the maintenance of a range of compliance policies and procedures,479 which is relevant to Exchange Act rule 18a 6d3. Accordingly, the Commission is not removing references to these UK
requirements from the Orders list of UK
requirements comparable to Exchange Act rule 18a6d3.
The commenter recommended deleting from paragraph f2iP1 of the Order references to FCA SYSC
4.1.1R1, which is a general requirement concerning a firms 478 See
477 See
PO 00000

FCA Application at 14647.

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479 See
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FCA Application at 15354.
FCA Application at 15960.

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