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4. In section 290 of the Act (recognition orders), after subsection (1), insert—
“(1A) In the case of an application for an order declaring the applicant to be a recognised investment exchange, the reference in subsection (1) to the recognition requirements applicable in its case includes a reference to requirements contained in any directly applicable Community regulation made under the markets in financial instruments directive.
(1B) In the case mentioned in subsection (1A), the application must be determined by the Authority before the end of the period of six months beginning with the date on which it receives the completed application.
(1C) Subsection (1B) does not apply in the case of an application by an overseas applicant.”.
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