The European Commission has adopted a Delegated Regulation with regard to RTS concerning the direct, substantial and foreseeable effect of derivative contracts within the EU and the prevention of the evasion of rules and obligations. Article 28 of MiFIR requires specified types of persons to trade certain classes of derivatives only on regulated trading venues or equivalent third country venues and the RTS establish when a third country counterparty should be subject to the Article 28 trading obligation.