(21)The conditions laid down in Article 25(6), points (a), (b) and (c), of Regulation (EU) No 648/2012 should therefore be considered to be met by the legal and supervisory arrangements of the People’s Republic of China and should be considered equivalent to the requirements laid down in Regulation (EU) No 648/2012. This Decision is based on the legal and supervisory arrangements applicable to CCPs authorised to clear OTC derivatives by the People’s Bank of China at the time of the adoption of this decision. The Commission and the European Securities and Markets Authority will continue monitoring the evolution of the legal and supervisory framework applicable to CCPs in the People’s Republic of China and the fulfilment of the conditions on the basis of which this Decision has been taken on a regular basis.