(5)The purpose of the equivalence assessment under Article 28 of Regulation (EU) No 600/2014 is to verify that the legal and supervisory arrangements under the SFA and its implementing regulations ensure that trading platforms operated by approved exchanges (AEs) or recognised market operators (RMOs) established in Singapore and authorised by the Monetary Authority of Singapore (MAS comply with legally binding requirements which are equivalent to the requirements for Union trading venues resulting from Directive 2014/65/EU, Regulation (EU) No 596/2014 and Regulation (EU) No 600/2014, based on the criteria set out in the third subparagraph of Article 28(4) of Regulation (EU) No 600/2014. The purpose of the equivalence assessment is also to verify that AEs and RMOs in question are subject to effective supervision and enforcement in Singapore.