(10)The legally binding requirements applicable to futures clearing houses authorised in Taiwan therefore comprise a two-tiered structure. The core principles in the FTA set out the high-level standards which futures clearing houses must comply with to obtain authorisation to provide clearing services in Taiwan (together, the ‘primary rules’). Those primary rules comprise the first tier of the legally binding requirements in Taiwan. In order to prove compliance with the primary rules, Article 47 of the FTA requires futures clearing houses to establish and submit their operating rules to the FSC for approval prior to their implementation and the FSC can prevent, disallow or amend them. Those operating rules comprise the second tier of requirements in Taiwan.