(3)The assessment of the equivalence of the amended South African regulatory framework should not only be based on a comparative analysis of the legally binding requirements applicable to CCPs that are licensed in South Africa in the abstract, but also on an assessment of the effects of those requirements. That assessment should check the adequacy of those requirements to mitigate the risks that clearing members and trading venues established in the Union may be exposed to, taking into account the size of the financial markets in which CCPs that are licensed in South Africa operate. More stringent risk mitigation requirements are necessary for CCPs carrying out their activities in larger financial markets whose inherent level of risk is higher than for CCPs carrying out their activities in smaller financial markets.