(1) The Treasury may before IP completion day by regulations specify that -

(a) the legal and supervisory arrangements of a third country ensure that central counterparties authorised in that country comply with legally binding requirements which are equivalent to the requirements laid down in Title IV of the EMIR Regulation, as it has effect in EU law as amended from time to time;

(b) central counterparties authorised in that country are subject to effective supervision and enforcement on an ongoing basis; and

(c) the legal framework of that country provides for an effective equivalent system for the recognition of central counterparties authorised under the legal regimes of other countries.

(1A) Regulations made under paragraph (1) may contain such conditions for and limitations on the applicability of the regulations as the Treasury considers appropriate.

(2) On and after IP completion day, regulations under paragraph (1) have effect as if made under Article 25.6 of the EMIR Regulation.