(4)An equivalence decision as referred to in Article 30(2) of Regulation (EU) 2016/1011 is to take the form of an implementing decision, in which the Commission states that the legal and supervisory framework of a third country with respect to all administrators authorised in that third country is equivalent to the requirements laid out in that Regulation. When assessing such equivalence, the Commission is to take into account whether the legal framework and supervisory practice of a third country ensures compliance with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks or, where applicable, with the IOSCO Principles for Oil Price Reporting Agencies (‘PRAs’). Furthermore, the Commission is to assess whether such binding requirements are subject to effective supervision and enforcement on an on-going basis in that third country.