Recital 1

(1)Commission Implementing Decision (EU) 2021/85 ² determines that the legal and supervisory arrangements of the United States of America (‘USA’) for central counterparties (‘CCPs’) that are supervised by the U.S. Securities and Exchange Commission (the ‘SEC’) and which must comply with the rules applicable to covered clearing agencies and subject to the enhanced framework laid down in SEC Rule 17Ad-22(e) (‘CCPs qualified as covered clearing agencies’), are to be considered equivalent to the requirements laid down in Regulation (EU) No 648/2012 where the internal rules and procedures of such CCPs include specific risk management measures ensuring that initial margins are calculated and collected on the basis of the parameters laid down in Article 1 of that Implementing Decision.