(9)The legally binding requirements applicable to CCPs authorised in Chile therefore comprise a two-tiered structure. The first tier consists of Law 20.345 of 2009, as well as the general rules and circulars issued by the CMF, which together set out the high-level standards and requirements, including the PFMIs, with which authorised CCPs must comply and prescriptive detail about the way in which the CCP is to meet those high-level standards and requirements. The second tier consists of the operating rules of the CCPs.