Recital 7

(7)The legally binding requirements of the People’s Republic of China for CCPs authorised by the People’s Bank of China consist of the Law of the People’s Republic of China on the People’s Bank of China (‘Law of the People’s Bank of China’) ⁶ and subordinated regulations, which set out the legal obligations that CCPs established and authorised in the People’s Republic of China have to comply with. In particular, according to the 2013 Notice on Matters regarding Implementation of Principles for Financial Market Infrastructures of the People’s Republic of China General Office ⁷ , authorised CCPs are required to apply and implement the international standards set out under the Principles for Financial Market Infrastructures (‘PFMIs’), issued in April 2012 by the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions ⁸ .