(1) Where -
(a) the registered office of an issuer is in a third country, and
(b) that issuer is an issuer in respect of which the State is the home Member State,
the Bank, subject to paragraphs (2) to (9), may exempt that issuer from requirements under Regulations 4 to 9H provided that the law of the third country in question lays down equivalent requirements or such an issuer complies with requirements of the law of a third country that the Bank considers as equivalent.
(1A) The Bank shall inform the European Securities and Markets Authority, as soon as possible, of any exemption granted under paragraph (1).
(2) A third country shall be deemed to lay down requirements equivalent to those of Regulation 4(3)(b) where, under the law of that country, the annual management report is required to include at least the following information:
(a) a fair review of the development and performance of the issuer's business and of its position, together with a description of the principal risks and
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