(14)Non-Israeli CCPs which want to clear derivatives in Israel have to apply for a license to the Chairman of ISA and obtain the approval of the Israeli Minister of Finance. Pursuant to Section 50A(a8) of SL, if the Chairman of ISA deems that ISA can cooperate with the competent authority of the authorised non-Israeli CCPs, considers that the legal requirements for that CCP are equivalent to the Israeli framework and that delivering a licence to that CCP would not damage the interest of the of investors in Israel, ISA may decide to exempt that CCP from the regulatory provisions of the Israeli legal framework for CCPs. In these conditions, the recognition of a non-Israeli CCP is therefore possible.