(6)The legally binding requirements applicable to CCPs authorised in Israel consist of the Securities Law 5728-1968 2 (‘SL’), in particular Sections 50A, 50B, 50B19 and 50C, thereof. The Securities Law applies Section 10 of the Payment Systems Law 5768-2008 3 (‘PSL’), which determines the criteria for carrying out the supervision of the clearing houses established in Israel (ensuring stable and efficient clearing houses) by the Israel Securities Authority (‘ISA’). That legal framework is supplemented by the set of directives instructed by ISA to CCPs established in Israel. The SL, the PSL and ISA’s directives ensure the full implementation of the international standards set out under the Principles for financial market infrastructures (‘PFMIs’) issued in April 2012 by the Committee on Payment and Market Infrastructure (‘CPMI’) and the International Organization of Securities Commissions 4 .