(2)Since 13 November 2015, however, the regulatory framework of South Africa for central counterparties (‘CCPs’) has evolved through the entry into force of the Financial Sector Regulations Act, (Act No 9 of 2017) 3 (‘FSRA’), which amended the FMA, and the promulgation of the FMA Regulations of 2018 4 . It is therefore necessary to assess the equivalence of that amended South African regulatory framework.