Part XVIII Recognised Investment Exchanges and Clearing Houses

Chapter I Exemption

Applications for recognition

I1290 Recognition orders.

1

If it appears to the Authority that the applicant satisfies the recognition requirements applicable in its case, the Authority may make a recognition order declaring the applicant to be—

a

a recognised investment exchange, if the application is made under section 287;

b

a recognised clearing house, if it is made under section 288.

2

The Treasury’s approval of the making of a recognition order is required under section 307.

3

In considering an application, the Authority may have regard to any information which it considers is relevant to the application.

4

A recognition order must specify a date on which it is to take effect.

5

Section 298 has effect in relation to a decision to refuse to make a recognition order—

a

as it has effect in relation to a decision to revoke such an order; and

b

as if references to a recognised body were references to the applicant.

6

Subsection (5) does not apply in a case in which the Treasury have failed to give their approval under section 307.