(15)Non-Malaysian CCPs which want to clear derivatives in Malaysia have to apply to the SC for approval. Section 3.03 of the Guidelines sets out the criteria and the process for recognition. To be approved, the legal and supervisory arrangements of the jurisdiction in which the CCP is established must be comparable to the legal and supervisory arrangements relating to CCPs authorised and established in Malaysia. The non-Malaysian CCP must effectively comply with the regulation of its home jurisdiction at all times, including the compliance with the PFMI. The conclusion of cooperative arrangements between the SC and the competent third-country authorities responsible for the supervision of the non-Malaysian CCP and the availability of a legal framework in that CCP’s jurisdiction, which provides for the possibility of the recognition of foreign CCPs are also required before a non-Malaysian CCP is approved.