In a previous paper we investigated the extraction of proof-theoretic properties of natural deduction derivations from their impredicative translation into System F. Our key idea was to introduce an extended equational theory for System F codifying at a syntactic level some properties found in parametric models of polymorphic type theory. A different approach to extract proof-theoretic properties of natural deduction derivations was proposed in a recent series of papers on the basis of an embedding of intuitionistic propositional logic into a (...) predicative fragment of System F, called atomic System F. In this paper we show that this approach finds a general explanation within our equational study of second-order natural deduction, and a clear semantic justification in terms of parametricity. (shrink)