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Regulation 2 Equivalence

Original text. Later amendments are not shown.

The Treasury specify that—

(a)

the legal and supervisory arrangements of each EEA state ensure that central counterparties authorised in that EEA state comply with legally binding requirements which are equivalent to the requirements laid down in Title IV of EMIR;

(b)

central counterparties referred to in subparagraph (a) are subject to effective supervision and enforcement in each EEA state on an ongoing basis; and

(c)

the legal framework of each EEA state provides for an effective equivalent system for the recognition of central counterparties authorised under the legal regimes of other countries.