(14)To be registered by the SEC, a CCP qualified as a covered clearing agency, and its internal rules, must meet the high-level standards set out in the primary rules. Those requirements, complemented by the internal rules and procedures of the CCP, deliver substantive outcomes equivalent to the effects of the rules laid down in Title IV of Regulation (EU) No 648/2012. In particular, a CCP qualified as a covered clearing agency must fulfil requirements with respect to its organisational structure and rules to ensure the prompt and accurate clearing and settlement, as well as the safeguard of securities and funds under its control, and to ensure the protection of investors and the public interest, including requirements such as those relating to senior management, risk management and internal control mechanisms, record-keeping, qualifying holdings, information transmitted to the competent authority, conflicts of interest, business continuity, outsourcing, conduct of business and segregation, as well as liquidity risk, collateral, investment policy, and settlement risk. Other requirements relate to the conditions for participation and fees, and rules for disciplining violations of the CCP’s rules by participants.