Article 33
Mechanism to avoid duplicative or conflicting rules
The Commission may adopt implementing acts declaring that the legal, supervisory and enforcement arrangements of the relevant third country:
are equivalent to the requirements resulting from Articles 28 and 29;
ensure protection of professional secrecy that is equivalent to that set out in this Regulation;
are being effectively applied 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 51.
Within 30 calendar days of the presentation of the report where the report reveals a significant defect or inconsistency in the application of the equivalent requirements by third-country authorities, the Commission may withdraw the recognition as equivalent of the third-country legal framework in question. Where an implementing act on equivalence is withdrawn, transactions by counterparties shall automatically be subject again to all requirements contained in Articles 28 and 29 of this Regulation.