The European Commission has published its provisional text on the equivalence of the regulatory framework of the US for CCPs authorised and supervised by the Commodity Futures Trading Commission (CFTC) to the requirements of EMIR. The decision determines that US trading venues are equivalent to regulated markets in the EU and enables CCPs registered with the CFTC to obtain recognition in the EU. A CCP wishing to obtain recognition must apply to ESMA, which will then process the application in co-operation with the relevant regulators of that CCP. Under this equivalence decision, US CCPs seeking recognition in the EU will need to confirm that their internal rules and procedures meet the conditions set out in the decision relating to the calculation of initial margins and the default fund.