Recital 1

(1)In Commission Implementing Decision (EU) 2016/2272 ² , the Commission determined that the financial markets authorised in Australia and set out in the Annex to that Implementing Decision are to be considered equivalent to regulated markets as defined in Article 4(1), point (14), of Directive 2004/39/EC of the European Parliament and of the Council ³ , which has been replaced by Directive 2014/65/EU of the European Parliament and of the Council ⁴ . That Implementing Decision was based on the assessment by the Commission that the legal and supervisory framework applicable to financial markets in Australia, under the regulatory oversight of the Australian Securities and Investments Commission (‘ASIC’), ensures that financial markets comply with the legally binding requirements that are equivalent to those that apply to regulated markets in the Union, and that those financial markets are subject to effective supervision and enforcement on an ongoing basis.