These Regulations set out the Treasury’s equivalence determination in respect of the regulatory framework that applies to the list in the Schedule of the designated contract markets and swap execution facilities in the United States of America that are regulated by the Commodity Futures Trading Commission (“CFTC”).The recognition procedure outlined in Article 28 under Regulation (EU) 600/2014 (“the Regulation”) establishes a framework for financial and certain non-financial entities to engage in transactions in derivatives subject to the obligation to be traded on the venues described in Article 28(1) of the Regulation, recognised as regulated to an equivalent standard to that applying in the UK. This procedure, along with the subsequent equivalence decision, serves to enhance the transparency of derivatives trading, particularly in cases where trading occurs on venues located in third countries.