4.—(1) For the purposes of Article 2A of EMIR, to determine that a third-country market complies with legally binding requirements which are—
(a)equivalent to the requirements laid down in the law of the United Kingdom which were relied on by the United Kingdom immediately before exit day to implement Title III of EMIR; and
(b)subject to effective supervision and enforcement in that EEA state on an ongoing basis for the purposes of Article 2A(1) of EMIR.
(2) For the purposes of Article 13 of EMIR, to determine that the legal, supervisory and enforcement arrangements of an EEA state—
(a)are equivalent to the requirements laid down under Articles 4, 9, 10 and 11 of EMIR;
(b)ensure protection of professional secrecy that is equivalent to that set out in that Regulation; and
(c)are being effectively applied and enforced in an equitable and non-distortive manner so as to ensure effective supervision and enforcement in that EEA state.