MIR 7.2 MIR 7.2 Recognition Requirements
Before making a Recognition Order, the Regulator will need to be satisfied that the Remote Recognition Requirements in Rule 7.2.2 have been met.
MIR 7.2.2 Remote Recognition Requirements:
A Remote Body must ensure that:(a) investors are afforded protection equivalent to that which they would be afforded if the body concerned were required to comply with the Recognition Requirements;(b) there are adequate procedures for dealing with a Person who is unable, or likely to become unable, to meet his obligations in respect of one or more Market Contracts connected with the Remote Body;(c) the Applicant is able and willing to co‐operate with the Regulator by the sharing of information and in other ways; and(d) adequate arrangements exist for co‐operation between the Regulator and those responsible for the supervision of the Applicant in the jurisdiction in which the Applicant's head office is situated.
MIR 7.2.3 MIR 7.2.3
In considering whether it is satisfied as to the requirements mentioned in Rule 7.2.2(a) and (b), the Regulator shall have regard to:(a) the relevant law and practice of the jurisdiction in which the Applicant's head office is situated, including with respect to a Remote Clearing House Applicant, the equivalence of such laws to those set out in Chapter 3, Chapter 4 of Part 12, and Part 13 of FSMR; and(b) the Regulatory Provisions of the Applicant.
The Regulator may require further information from the applicant and may need to have discussions with the appropriate authorities in the applicant's home territory. To allow sufficient time for applications to be processed and for the necessary contacts to be made with the appropriate home territory authorities, applications should be made not later than six months before the applicant wishes the recognition order to take effect. No guarantee can be given that a decision will be reached within this time, although the Regulator will endeavour to meet the applicant's reasonable timing requirements.
All material should be supplied in English, or accompanied, if appropriate, by an accurate English translation. An English glossary of technical or statistical terms may be sufficient to accompany tables of statistical or financial information.