(1) This regulation applies to an OTC derivative contract where -

(a) one of the counterparties is a UK counterparty;

(b) the other counterparty is a non-UK counterparty; and;

(c) the contract would be an intragroup transaction if the Treasury were to make an equivalence determination in respect of the third country in which the non-UK counterparty is established.

(2) Where this regulation applies, the UK counterparty may after IP completion day -

(a) apply to the FCA; or

(b) notify the FCA of its intention to apply,

for an exemption in accordance with the provision of the EMIR regulation to which the exemption relates as if the Treasury had made an equivalence determination in respect of the third country in which the non-UK counterparty is established.

(3) Notwithstanding -

(a) paragraph 2(b) of Article 4; and