We study the equational theory of Parigot's second-order λμ-calculus in connection with a call-by-name continuation-passing style (CPS) translation into a fragment of the second-order λ-calculus. It is observed that the relational parametricity on the target calculus induces a natural notion of equivalence on the λμ-terms. On the other hand, the unconstrained relational parametricity on the λμ-calculus turns out to be inconsistent with this CPS semantics. Following these facts, we propose to formulate the relational parametricity on the λμ-calculus in a constrained way, which might be called ``focal parametricity''.