Recital 7

(7)The primary rules set out, among others, rules on governance arrangements, shareholders and members with qualifying holdings, default fund and settlement, and establish the minimum topics the operating rules of CCPs must cover. Moreover, pursuant to Circular No 2237 of 2018, authorised CCPs must apply and implement the relevant international standards concerning clearing and settlement systems, in particular the Principles for Financial Market Infrastructures (‘PFMIs’) issued by the Committee on Payment and Settlement Systems and the International Organization of Securities Commissions ³ .