Article 1

For the purposes of Article 25(6) of Regulation (EU) No 648/2012, the legal and supervisory arrangements of Israel applicable to central counterparties laid down in the Securities Law 5728-1968, in the Payment Systems Law 5768-2008 and supplemented by the Israel Securities Authority directives to central counterparties in Israel, shall be considered equivalent to the requirements laid down in Regulation (EU) No 648/2012.