Article 1

For the purposes of Article 25 of Regulation (EU) No 648/2012, the legal and supervisory arrangements of Singapore consisting of Chapter 289 of the Securities and Futures Act and the Securities and Futures (Clearing Facilities) Regulations 2013 as complemented by the ‘Monograph on Supervision of Financial Market Infrastructures’ and applicable to Approved Clearing Houses (‘ACHs’) authorised therein shall be considered to be equivalent to the requirements laid down in Regulation (EU) No 648/2012.