(21)The Commission concludes that the legal and supervisory arrangements of the SEC applying to CCPs qualified as covered clearing agencies and comprising the requirements laid down in the Exchange Act, the Dodd-Frank Act and the SEC’s regulations, and in the internal rules and procedures of registered CCPs qualified as covered clearing agencies, should be considered as legally binding requirements which are equivalent to the requirements laid down in Title IV of Regulation (EU) No 648/2012, to the extent that they meet the standards set out in this Decision with respect to risk management.