FSA says the revised Basel rules on capital requirements for bank exposures to central counterparties (CCPs) can apply in respect of UK clearing houses. The condition for application of these rules is that the jurisdiction must have adopted, or be working towards adopting, the Principles for Financial Market Infrastructures developed by global standard setters. FSA says the Bank of England is working towards adopting the Principles, and therefore UK-based clearing houses may be treated as qualifying under the rules for a transitional period expiring on 31 December 2013. (Source: FSA Statement on Basel III Rules on Capital Requirements for Exposures to CCPs)