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Federal Register / Vol. 86, No. 149 / Friday, August 6, 2021 / Notices that have not been cleared by a central counterparty, then either:
i The relevant security-based swap is an OTC derivative or OTC derivative contract, as defined in UK EMIR article 27, that has not been cleared by a central counterparty and otherwise is subject to the provisions of UK EMIR
article 11, UK EMIR RTS articles 11
through 15, and UK EMIR Margin RTS
article 2; or ii The relevant security-based swap has been cleared by a central counterparty that is authorized, recognized, or taken to be recognized by a relevant UK authority to provide clearing services to clearing members or trading venues established in the UK.
15 Memorandum of Understanding with the FCA and the Bank of England including in its capacity as the PRA.
The Commission has a supervisory and enforcement memorandum of understanding and/or other arrangement with the FCA and the Bank of England including in its capacity as the PRA
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.
16 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 Commissions 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.
17 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 18a8c and the requirements of Exchange Act rule 18a8h as applied to Exchange Act rule 18a8c.
b Substituted Compliance in Connection With Risk Control Requirements This Order extends to the following provisions related to risk control:

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1 Internal risk management. The requirements of Exchange Act section 15Fj2 and related aspects of Exchange Act rule 15Fh3h2iiiI, provided that the Covered Entity is subject to and complies with the requirements of:
i FCA CASS 6.2.1R, 7.11.1R, and 7.12.1R;
ii FCA COBS 11.7A.3R;
iii Either FCA IFPRU 2.2.7R2, 2.2.17R through 2.2.28R, 2.2.30R, and 2.2.32R through 2.2.35R and FCA
BIPRU 12.3.4R, 12.3.5R, 12.3.7R, 12.3.8R, 12.3.22AR, 12.3.22BR, 12.3.27R, 12.4.2R, 12.4.1R, 12.4.5AR, 12.4.10R, and 12.4.11R or PRA
Internal Capital Adequacy Assessment Rules 4.1 through 4.4, 5.1, 6.1, 7.1, 7.2, 8.1 through 8.5, 9.1, 10.1, 10.2, and 11.1
through 11.3 and PRA Internal Liquidity Adequacy Assessment Rules 3.1, 3.2, 3.3, 4.1, 7.2, 8.1, 9.2, 11.1, 11.2, 11.4, 12.1, 12.3, and 12.4;
iv FCA PRIN 2.1.1R3;
v FCA SYSC 4.1.1R1, 4.1.2R, 4.3A.1R, 4.3A.2R, 4.3A.3R, 4.3A.4R, 7.1.4R, 7.1.17R, 7.1.18R, 7.1.18BR, 7.1.19R, 7.1.20R, 7.1.21R, 7.1.22R, 9.1.1AR, 10.1.3R, 10.1.7R, 10.1.8R, 10A.1.6R, 10A.1.8R, and 10A.1.11R and, if the Covered Entity is a UK bank or UK
designated investment firm, also PRA
General Organisational Requirements Rules 2.1, 2.2, and 5.1 through 5.3; PRA
Record Keeping Rule 2.1; PRA Risk Control Rules 2.3, 2.7, and 3.1 through 3.5, and PRA Senior Management Functions Rule 8.2;
vi Either FCA SYSC 19A.2.1R, 19A.3.1R1, 19A.3.3R, 19A.3.7R
through 19A.3.11R, 19A.3.13R, 19A.3.14R, 19A.3.16R, 19A.3.18R, 19A.3.22R, 19A.3.25R, 19A.3.27R, 19A.3.29R, 19A.3.30R, 19A.3.32R, 19A.3.35R, 19A.3.35AR, 19A.3.36R, 19A.3.38R, 19A.3.40R, 19A.3.40AR, 19A.3.44R through 19A.3.44DR, 19A.3.45R, 19A.3.47R, 19A.3.49R, 19A.3.51R, 19A.3.51AR, and 19A.3.52E
or FCA SYSC 19D.2.1R, 19D.3.1R, 19D.3.3R, 19D.3.7R through 19D.3.12R, 19D.3.15R, 19D.3.17R, 19D.3.19R, 19D.3.23R, 19D.3.25R, 19D.3.27R, 19D.3.29R, 19D.3.31R, 19D.3.32R, 19D.3.34R, 19D.3.35R through 19D.3.39R, 19D.3.42R through 19D.3.45R, 19D.3.48R through 19D.3.52R, 19D.3.54R, 19D.3.56R, 19D.3.59R, 19D.3.61R, 19D.3.62R, 19D.3.63E, and 19D.3.64R and PRA
Remuneration Rules 3.1, 4.2, 5.1, 5.3, 6.2, 6.3, 6.4, 7.2 through 7.4, 8.1, 8.2, 9.1, 11.1, 11.6, 12.1, 13.1, 14.1, and 15.2
through 15.23;
vii Either FSMA schedule 6 part 2D
and FCA COND 2.4.1A or FSMA
schedule 6 parts 3C and 5D, FCA COND

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2.4.1C, and PRA Fundamental Rules 3
through 6;
viii UK CRR articles 286 through 288
and 293;
ix UK EMIR Margin RTS article 2;
and x UK MiFID Org Reg articles 21
through 37 and 72 through 76 and Annex IV.
2 Trade acknowledgement and verification. The requirements of Exchange Act rule 15Fi2, provided that the Covered Entity is subject to and complies with the requirements of UK
EMIR article 111a and UK EMIR RTS
article 12.
3 Portfolio reconciliation and dispute reporting. The requirements of Exchange Act rule 15Fi3, provided that:
i The Covered Entity is subject to and complies with the requirements of UK EMIR article 111b and UK 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 the FCA pursuant to UK EMIR RTS
article 152.
4 Portfolio compression. The requirements of Exchange Act rule 15Fi4, provided that the Covered Entity is subject to and complies with the requirements of UK EMIR RTS
article 14.
5 Trading relationship documentation. The requirements of Exchange Act rule 15Fi5, other than paragraph b5 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 UK
EMIR article 111a, UK EMIR RTS
article 12 and UK EMIR Margin RTS
article 2.
c Substituted Compliance in Connection With Capital and Margin 1 Capital. The requirements of Exchange Act section 15Fe and Exchange Act rules 18a1, and 18a1a through d, provided that:
i The Covered Entity is subject to and complies with: UK CRR, Part One General Provisions Article 61, 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;
UK MiFID Org Reg article 23; UK EMIR
Margin RTS, articles 2, 3b, 7, and 191d and e, 3, and 8; PRA
General Organisational Requirements Rule 2.1; PRA Fundamental Rules 2.4
and 2.5; PRA Risk Control Rules 2.3 and 3.11; PRA Capital Buffers Rules; PRA
Internal Capital Adequacy Assessment
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