The French Prudential Control and Resolution Authority (ACPR) and the French Autorité des Marchés Financiers (French AMF) signed two cooperation agreements with the Securities Exchange Commission (SEC) to allow French institutions to register as security-based swap dealers with SEC and benefit from an equivalence regime of certain rules applicable to these entities (also known as substituted compliance). The U.S. Dodd Frank Act requires institutions whose activity in OTC equity derivatives and equity credit derivatives with the U.S. counterparties exceeds a certain volume to register as security-based swap dealers with SEC. The U.S. regulations provide for a substituted compliance mechanism, which allows foreign establishments to be considered as complying with certain American rules as long as they comply with their national legislation. The procedures for applying substituted compliance for France were adopted by SEC on July 23, 2021.
Keywords: Europe, Americas, France, US, Banking, Securities, Security Based Swap Dealers, Substituted Compliance, Derivatives, Equivalence Regime, SEC, ACPR
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