(7)The legally binding requirements applicable in the USA to CCPs supervised by the SEC are set out in the rules applicable to ‘clearing agencies’ contained in the Securities Exchange Act of 1934 3 (‘the Exchange Act’), the Dodd-Frank Wall Street Reform and Consumer Protection Act 4 (‘the Dodd-Frank Act’) and the regulations adopted by the SEC thereunder. Moreover, the rules, policies and procedures of CCPs that have been registered by the SEC are legally binding upon the CCP. On 1 October 2020, the SEC issued a Staff Report describing the applicable rules and how they apply to CCPs supervised by the SEC 5 .