(7)Prudential Standard CPS 226 applies to non-centrally cleared derivatives, with the exception of foreign-exchange contracts with a maturity of less than three days. The definition of non-centrally cleared derivatives in Prudential Standard CPS 226 is broader than that of OTC derivatives provided for in Article 2 of Regulation (EU) No 648/2012. Paragraph 9(g) of Prudential Standard CPS 226 defines ‘derivative’ as either a derivative within the meaning of Chapter 7 of the Corporations Act 2001, or an arrangement that is a forward, swap or option, or any combination of those things, in relation to one or more commodities. Equivalence should therefore be recognised with respect to OTC derivatives that are subject to margins under paragraph 9(g) of Prudential Standard CPS 226.