Regulation 2 Equivalence
The Treasury specify that in respect of a specified overseas jurisdiction—
the legal and supervisory arrangements of the specified overseas jurisdiction as implemented by the relevant regulatory authority ensure that specified CCPs authorised in that jurisdiction comply on an ongoing basis with legally binding requirements which are equivalent to the requirements laid down in Title IV of EMIR (requirements for CCPs);
the specified CCPs are subject to effective supervision and enforcement on an ongoing basis by the relevant regulatory authority;
the legal framework of the specified overseas jurisdiction as implemented by the relevant regulatory authority provides for an effective equivalent system for the recognition of CCPs authorised under legal regimes of other countries.