(5)The Commission has taken into account the regulatory developments that have occurred in Hong Kong since 2013 and made a comparative analysis of the legal, supervisory and enforcement requirements applicable in Hong Kong. It also assessed that the outcome of those requirements and their adequacy to mitigate the risks arising from OTC derivative contracts not cleared by a CCP could be considered equivalent to the outcome of the relevant requirements laid down in Regulation (EU) No 648/2012.