(9)The legally binding requirements applicable to CCPs authorised in Colombia therefore comprise a two-tiered structure. The first tier consists of Law no. 964 of 2005, as well as the general rules and circulars issued by the SFC, which together set out the high-level standards and requirements, including the PFMIs, which authorised CCPs must comply with, 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.