(16)Firstly, the primary rules with respect to liquidity risks do not require CCPs qualified as covered clearing agencies to maintain eligible liquidity resources to meet the ‘cover 2 principle’ laid down in Article 44 of Regulation (EU) No 648/2012, that is, liquid resources to at least cover the default of the two clearing members to which it has the largest exposures. In the USA, CCPs qualified as covered clearing agencies are nevertheless required to set up procedures to cover any uncovered liquidity shortfall, ensuring that committed resources are available where losses exceed the default of the clearing member to which it has the largest exposure. Additionally, the primary rules require CCPs qualified as covered clearing agencies to apply the ‘cover 2 principle’ where they clear security-based derivatives. Although this is a different approach to the ‘cover 2 principle’ laid down in 42, 43 and 44 of Regulation (EU) No 648/2012, the primary rules together with the CCPs’ internal rules and procedures deliver substantive outcomes equivalent to the effects of the ‘cover 2 principle’ laid down in Union rules.