(7)CCPs established in IFSCs must be authorised by the IFSCA. To be authorised to provide clearing services, CCPs have to comply with specific requirements set out in the MII Regulations and must have in place bye-laws and rules that ensure compliance with all relevant standards of the PFMIs. In particular, CCPs must fulfil the conditions specified in Regulations 8(1) and 8(3) of the MII Regulations, which should allow those CCPs to operate safely and effectively and to manage the risks associated with their business and operations prudently. As provided for in Regulations 14 to 39 of the MII Regulations, CCPs have to fulfil requirements as regards, inter alia, net worth, shareholding, management, governance and conduct, risk management, including the setting up of a settlement guarantee fund, business continuity, access to the CCP by clearing members and trading venues, and record keeping. In particular, Regulation 24(1) of the MII Regulations requires CCPs to adopt the governance principles set out in the PFMI. To prove compliance with the MII Regulations, MII Regulations 6 and 40 require CCPs to submit their internal rules and procedures to the IFSCA prior to their implementation.