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 requirements the operating rules CCPs must comply with. Moreover, pursuant to Circular Básica Jurídica – CE 29 of 2014, 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 Technical Committee of the International Organization of Securities Commissions ² .