(6)The Commission concludes that the legal and supervisory arrangements of the SEC for TBAs and that apply to CCPs qualified as covered clearing agencies and that comprise the requirements laid down in the primary rules and in the binding internal rules and procedures of CCPs qualified as covered clearing agencies, are to be considered as legally binding requirements that are equivalent to the requirements laid down in Title IV of Regulation (EU) No 648/2012, as elaborated in Delegated Regulation (EU) No 153/2013, to the extent that those arrangements meet certain requirements with respect to risk management.