Recital 6

(6)Moreover, in November 2014, METI and the MAFF published the ‘Basic Guidelines on Supervision of Commodity Clearing Organisations’ (‘the Guidelines’), which detail the supervisory framework with regard to CTCOs in consideration of the Principles for Financial Markets Infrastructures (‘PFMIs’) issued in April 2012 by the Committee on Payment and Settlement Systems ² and the International Organization of Securities Commissions, and in particular the way in which the CDA must be complied with by the CTCOs. The Guidelines are implemented in the internal rules and procedures of CTCOs.