Recital 29

(29)The SEC has issued a policy statement and guidance ⁶ addressed to CCPs authorised in the Union. The policy statement provides a high-level summary of the legal framework that applies to SEC-registered CCPs and explains the process for applying for registration and exemptions. It also provides examples of how the SEC has applied its exemptive powers to avoid to impose requirements that are unnecessary, duplicative, or inconsistent relative to requirements applicable to a CCP in a home jurisdiction, where the framework of that jurisdiction is generally consistent with the Principles of Financial Market Infrastructures (PFMIs) issued by the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions. Moreover, the policy statement and guidance sets out the factors that the SEC will consider when assessing requests for exemptions and explains that the SEC will consider the extent to which a CCP is subject to appropriate supervision and enforcement by the national competent authority supervising the CCP or other relevant authorities in its home jurisdiction. On that basis, and subject to the SEC’s assessment and determination that the exemption is consistent with the Exchange Act, the SEC may grant a CCP established outside the USA an exemption to avoid the application of an SEC requirement that is unnecessary, duplicative, or inconsistent relative to the requirements laid down in rules and regulations applicable to the CCP in its home jurisdiction in a way comparable to the equivalent system for the recognition of third-country CCPs laid down in Regulation (EU) No 648/2012.