Article 1

For the purposes of Article 25(6) of Regulation (EU) No 648/2012, the legal and supervisory arrangements of Japan consisting of the Financial Instruments and Exchange Act 2006 (FIEA) as complemented by the Comprehensive Guidelines for Supervision of Financial Market Infrastructures and applicable to clearing organisations (‘COs’) authorised therein shall be considered to be equivalent to the requirements laid down in Regulation (EU) No 648/2012.