(14)Non-IFSC CCPs that want to clear financial instruments in IFSCs may apply to the IFSCA for recognition. Regulation 8(1) and 8(3) of the MII Regulations set out the criteria for recognition. Regulation 71 of the MII Regulations allows the IFSCA to relax the requirement for recognition in the interest of the development and regulation of financial services in the IFSCs in the light of the supervisory standard required by the home jurisdiction. That same provision allows the IFSCA to recognise CCPs that are not established in the IFSCs.