Regulation (EU) No 648/2012 is amended as follows:
'(7) "OTC derivative" or "OTC derivative contract" means a derivative contract the execution of which does not take place on a regulated market within the meaning of Article 4(1)(14) of Directive 2004/39/EC or on a thirdcountry market considered to be equivalent to a regulated market in accordance with Article 2a of this Regulation;'.
'Article 2a Equivalence decisions for the purposes of the definition of OTC derivatives
1. For the purposes of Article 2(7) of this Regulation, a third-country market shall be considered to be equivalent to a regulated market within the meaning of Article 4(1)(14) of Directive 2004/39/EC where it complies with legally binding requirements which are equivalent to the requirements laid down in Title III of that Directive and it is subject to effective supervision and enforcement in that third country on an ongoi…