For the purposes of Rule 4.2.1, operational expenses shall be considered in accordance with:
(a) International Financial Reporting Standards (IFRS);
(b) in accordance with generally accepted accounting principles of a third country determined by the Regulator to be equivalent to IFRS; or
(c) accounting standards of a third country the use of which is permitted by the Regulator.
Recognised Clearing Houses shall use the most recent audited information from their annual financial statement.