(1) The Bank of England may before IP completion day determine that the applicant is to be taken, on and after IP completion day, to be recognised pursuant to Article 25 of the EMIR Regulation if each of the following conditions are met.

(2) The first condition is that the Treasury has made regulations in respect of the country in which the applicant is established in accordance with regulation 14.

(3) The second condition is that the applicant is -

(a) authorised in the country in which it is established, and

(b) subject to effective supervision and enforcement ensuring full compliance with the prudential requirements applicable in that country.

(4) The third condition is that the Bank of England has established co-operation arrangements with the competent authority responsible for supervising the applicant in accordance with regulation 16.