Article 13
Mechanism to avoid duplicative or conflicting rules with regard to OTC derivative contracts not cleared by a CCP
1.
The Commission shall be assisted by the ESAs in monitoring the international application of principles laid down in Article 11, in particular with regard to potential duplicative or conflicting requirements on market participants, and recommend possible action.
2.
The Commission may adopt implementing acts declaring that the legal, supervisory and enforcement arrangements of a third country:
(a)
are equivalent to the requirements laid down in Article 11;
(b)
ensure protection of professional secrecy that is equivalent to that set out in Article 83; and
(c)
are being applied effectively and enforced in an equitable and non-distortive manner so as to ensure effective supervision and enforcement in that third country.
Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 86(2).
3.
An implementing act on equivalence as referred to in paragraph 2 shall imply that counterparties entering into an OTC derivative contract not cleared by a CCP subject to this Regulation shall be deemed to have fulfilled the obligations contained in Article 11 where at least one of the counterparties is subject to the requirements which are considered equivalent under that implementing act on equivalence.