"external  trade  repository"

means  a  foreign  person  who  is  authorised  by  a supervisory  authority to perform a duty or duties similar to one or more of the duties of a trade repository as set out in this Act, and who is subject to the laws of a country other than the Republic, which laws—

(a)establish a regulatory framework equivalent to that established by this Act; and
(b)are supervised by a supervisory authority;