(1) Where the registered office of an issuer is in a third country, the Bank, subject to paragraphs (2) to (4), may exempt that issuer, in respect of which the State is the home Member State, from requirements under Regulations 19, 20 and 21(9) 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.

(2) A third country shall be deemed to set requirements equivalent to those specified in Regulation 21(9) where, under the law of that country, the period of time within which an issuer whose registered office is in that third country must be notified of major holdings and within which it must disclose to the public those major holdings is in total equal to or shorter than 7 trading days.

(3)

(a) A third country shall be deemed to set requirements equivalent to those specified in Regulation 19 where, under the law of that country, an issuer whose registered office is in that third country is required to comply with the following conditions: