(7)CCPs established in Israel must be authorised by the Israeli Minister of Finance after consultation of ISA and following the approval of the Knesset Finance Committee. In order to provide clearing services, CCPs are required to fulfil the specific provisions laid down in the SL and have internal rules and procedures in place that notably ensure compliance with all relevant standards of the PFMIs. In particular, CCPs established in Israel must operate safely and effectively and manage prudently the risks associated with their business and operations. As instructed by ISA on 15 December 2015 in a directive to CCPs authorised in Israel, CCPs are also required to have sufficient financial, human, risk management, information technology, systems and infrastructure resources to perform their function as a CCP. In addition, each CCP authorised in Israel is responsible for the formulation of its internal rules except for a change in the rules on membership which requires ISA’s formal approval pursuant to Section 50B(a)(1) of SL. Notwithstanding that provision, ISA may, under Section 50C(b) of SL, order changes in the rules of a CCP authorised in Israel if those rules do not comply with the Israeli legal framework for CCPs and with the PFMIs.