(2)According to Article 2a of Regulation (EU) No 648/2012, a third country market is to be considered equivalent to a regulated market where that market complies with legally binding requirements that are equivalent to the requirements laid down in Title III of Directive 2014/65/EU and provided that that market is subject to effective supervision and enforcement in that third country on an ongoing basis. It should thus be assessed whether national stock exchanges (‘NSEs’) that are established in the USA and that are supervised by the SEC comply with those requirements.