Recital 6

(6)The U.S. Securities and Exchange Commission (the ‘SEC’) is the competent authority for the authorisation and supervision of CCPs in relation to transactions in securities and derivative contracts that are based on a single security, loan or a narrow-based group or index of securities (‘security-based derivatives’). The derivative contracts falling under the competence of the SEC therefore correspond to a subset of the derivative contracts covered by the provisions on CCPs set out in Regulation (EU) No 648/2012. Other derivatives contracts fall under the competence of the U.S. Commodity Futures Trading Commission (the ‘CFTC’), in relation to which the Commission has already adopted Commission Implementing Decision (EU) 2016/377 ² . The current assessment thus relates to the equivalence of the legal and supervisory arrangements applicable in the USA to CCPs supervised by the SEC, and not to the legal and supervisory arrangements for CCPs which provide clearing services falling under the competence of the CFTC. Where a CCP is supervised by both the SEC and the CFTC, this Decision should therefore only concern that CCP in so far as it provides clearing services falling under the competence of the SEC.