(13)The legally binding requirements in the USA with respect to CCPs qualified as covered clearing agencies comprise a two-tiered structure. The first tier consists of the primary rules and requirements laid down in Section 3a(23) and 17A of the Exchange Act, Titles VII and VIII of the Dodd-Frank Act, and in the SEC’s regulations, in particular Rule 17Ad-22 (‘primary rules’). The second tier consists of the internal rules and procedures of such CCPs, which are legally binding on the CCPs upon their registration by the SEC and, therefore, form part of the rules the compliance with which is supervised by the SEC. When assessing whether CCPs qualified as covered clearing agencies comply with legally binding requirements which are equivalent to the requirements laid down in Title IV of Regulation (EU) No 648/2012, the Commission has to consider the legally binding requirements laid down in the internal rules and procedures of those CCPs alongside the requirements laid down in the Exchange Act and the Dodd-Frank Act and the SEC’s regulations.