Recital 4

(4)On 1 September 2013, the Commission received the technical advice of the European Markets Supervisory Authority (ESMA) on the legal, supervisory and enforcement arrangements in the USA ⁴ regarding, among others, the operational risk mitigation techniques and margins applicable to OTC derivative contracts not cleared by a CCP. However, in its technical advice, ESMA focused on the rules issued by the Commodity Futures Trading Commission (‘the CFTC’) and the Securities and Exchange Commission (‘the SEC’) and did not cover the rules applicable to counterparties regulated by the Board of Governors of the Federal Reserve System (‘the FRS’), the Office of the Comptroller of the Currency (‘the OCC’), the Federal Deposit Insurance Corporation (‘the FDIC’), the Farm Credit Administration (‘the FCA’) and the Federal Housing Finance Agency (‘the FHFA’) (together ‘the US prudential regulators’).