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
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks
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The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
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The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
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