For the purposes of Article 23(1) of Regulation (EU) No 600/2014 the legal and supervisory framework in the United States of America applicable to national securities exchanges and alternative trading systems registered with the Securities and Exchange Commission as set out in the Annex to this Decision shall be considered -

(a) to be equivalent to the requirements for UK regulated markets as defined in Regulation (EU) 600/2014, resulting from -

(i) Regulation (EU) No 596/2014;

(ii) Title II of Regulation (EU) 600/2014; and

(iii) the law of the United Kingdom which was relied on by the United Kingdom immediately before IP completion day to implement Title III of Directive 2014/65/EU and Directive 2004/109/EC, and

(b) to be subject to effective supervision and enforcement.