(10)The legally binding requirements in the People’s Republic of China for CCPs under the supervision of the People’s Bank of China thus comprise a two-tiered structure. The first tier consists of the Law of the People’s Bank of China and its subordinated regulations, which set out the high-level standards, including the application of the PFMIs, with which CCPs must comply. The second tier consists of the rules and procedures which oblige an authorised CCP to submit any amendments to its services range and its business rules, including risk management rules and internal rules and procedures, to the People’s Bank of China for approval.