Article 1

For the purposes of Article 13(3) of Regulation (EU) No 648/2012, the legal, supervisory and enforcement arrangements of Singapore for trade confirmation, portfolio compression and reconciliation, valuation and dispute resolution that are applied to transactions regulated as OTC derivatives by the Monetary Authority of Singapore (‘MAS’) and that are not cleared by a CCP shall be considered as equivalent to the corresponding requirements set out in paragraphs 1 and 2 of Article 11 of Regulation (EU) No 648/2012, where at least one of the counterparties to those transactions is established in Singapore and is a ‘MAS Covered Entity’ as defined under the Guidelines on margin requirements for non-centrally cleared OTC derivative contracts.