“recognised investment exchange” means an investment exchange in relation to which a recognition order is in force; and

“recognised clearing house” means a clearing house in relation to which a recognition order is in force.

which is carried on as a part of the exchange’s business as an investment exchange; or

which is carried on for the purposes of, or in connection with, the provision of clearing services by the exchange.

Part 1 makes provision for a memorandum of understanding between the appropriate regulators and the PRA with respect to the exercise of their functions in relation to recognised investment exchanges and clearing houses;

Part 2 applies certain provisions of this Act in relation to the Bank of England in consequence of the conferring of functions on the Bank under this Part of this Act;

Part 3 makes provision relating to the winding up, administration or insolvency of UK clearing houses; and

Part 4 makes provision about fees.

which must be satisfied by an investment exchange or clearing house if it is to qualify as a body in respect of which F26the appropriate regulator may make a recognition order under this Part; and

which, if a recognition order is made, it must continue to satisfy if it is to remain a recognised body.

a contract to which Part VII of the M1Companies Act 1989 applies as a result of section 155 of that Act or a contract to which Part V of the M2Companies (No. 2)(Northern Ireland) Order 1990 applies as a result of Article 80 of that Order; and

such other kind of contract as may be prescribed.

Article 29.1 of the markets in financial instruments directive and the Commission Regulation, or

Article 44.1 of that directive and that Regulation,

in a case falling within paragraph (a) of that subsection, Article 29.2 of the markets in financial instruments directive and the Commission Regulation, and

in a case falling within paragraph (b) of that subsection, Article 44.2 of that directive and that Regulation.

Article 30.1 of the markets in financial instruments directive and the Commission Regulation, or

Article 45.1 of that directive and that Regulation,

in a case falling within paragraph (a) of that subsection, Article 30.2 of the markets in financial instruments directive and the Commission Regulation, and

in a case falling within paragraph (b) of that subsection, Article 45.2 of that directive and that Regulation.

a copy of the applicant’s rules;

a copy of any guidance issued by the applicant;

the required particulars; and

such other information as F30the FCA may reasonably require for the purpose of determining the application.

particulars of any arrangements which the applicant has made, or proposes to make, for the provision F31by another person of clearing services in respect of transactions effected on the exchange;

if the applicant proposes to provide F32services falling within section 285(2)(b) in respect of transactions other than those effected on the exchange, particulars of the criteria which the applicant will apply when determining to whom it will provide those services F3;

a programme of operations which includes the types of business the applicant proposes to undertake and the applicant's proposed organisational structure;

such particulars of the persons who effectively direct the business and operations of the exchange as F33the FCA may reasonably require;

such particulars of the ownership of the exchange, and in particular of the identity and scale of interests of the persons who are in a position to exercise significant influence over the management of the exchange, whether directly or indirectly, as F28the FCA may reasonably require.

a copy of the applicant’s rules;

a copy of any guidance issued by the applicant;

the required particulars; and

such other information as F36the Bank may reasonably require for the purpose of determining the application.

if the applicant makes, or proposes to make, clearing arrangements with a recognised investment exchange, particulars of those arrangements;

if the applicant proposes to provide clearing services F37or services falling within section 285(3)(b) for persons other than recognised investment exchanges, particulars of the criteria which it will apply when determining to whom it will provide those services.

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

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

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

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

the applicant's business as an investment exchange, F50...

the provision by the applicant of clearing services, F49or

the provision by the applicant of services falling within section 285(2)(b) or (3)(b),

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

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

a recognised investment exchange;

a recognised clearing house.

investors are afforded protection equivalent to that which they would be afforded if the body concerned were required to comply with recognition requirements F6, other than any such requirements which are expressed in regulations under section 286 not to apply for the purposes of this paragraph;

there are adequate procedures for dealing with a person who is unable, or likely to become unable, to meet his obligations in respect of one or more market contracts connected with the investment exchange or clearing house;

the applicant is able and willing to co-operate with F53the appropriate regulator by the sharing of information and in other ways;

adequate arrangements exist for co-operation between F54the appropriate regulator and those responsible for the supervision of the applicant in the country or territory in which the applicant’s head office is situated.

the relevant law and practice of the country or territory in which the applicant’s head office is situated;

the rules and practices of the applicant.

the reference in section 313(2) to recognition requirements is to be read as a reference to matters corresponding to the matters in respect of which provision is made in the recognition requirements;

sections 296(1) and 297(2) have effect as if the requirements mentioned in section 296(1)(a) and section 297(2)(a) were those of subsection (3)(a), (b), and (c) of this section;

section 297(2) has effect as if the grounds on which a recognition order may be revoked under that provision included the ground that in the opinion of F56the appropriate regulator arrangements of the kind mentioned in subsection (3)(d) no longer exist.

notice of such events relating to the body as may be specified; and

such information in respect of those events as may be specified.

alters or revokes any of its rules or guidance, or

makes new rules or issues new guidance,

in the arrangements it makes for the provision F62by another person of clearing services in respect of transactions effected on the exchange, or

in the criteria which it applies when determining to whom it will provide F64services falling within section 285(2)(b),

in the recognised investment exchanges for whom it provides clearing services F65or services falling within section 285(3)(b), or

in the criteria which it applies when determining to whom (other than recognised investment exchanges) it will provide clearing services F67or services falling within section 285(3)(b),

are not to apply to the body; or

are to apply to the body with such modifications as may be specified in the direction.

compliance by the recognised body with the rules, or with the rules as unmodified, would be unduly burdensome or would not achieve the purpose for which the rules were made; and

the direction would not result in undue risk to persons whose interests the rules are intended to protect.

revoke a direction; or

vary it on the application, or with the consent, of the recognised body to which it relates.

has failed, or is likely to fail, to satisfy the recognition requirements; or

has failed to comply with any other obligation imposed on it by or under this Act.

the recognition requirements; or

any obligation of the kind in question.

the suspension of the carrying on of any regulated activity by F86the body for the period specified in the direction.

is failing, or has failed, to satisfy the recognition requirements, or

is failing, or has failed, to comply with any other obligation imposed on it by or under this Act,

has not carried on the business of an investment exchange F95or (as the case may be) of a clearing house during the period of twelve months beginning with the day on which the recognition order took effect in relation to it,

has not carried on the business of an investment exchange F96or (as the case may be) of a clearing house at any time during the period of six months ending with the relevant day, or

has failed, or is likely to fail, to comply with any obligation imposed on it by a F97directly applicable EU regulation specified (or of a description specified) in an order made by the Treasury,

give written notice of its intention to do so to the recognised body concerned;

take such steps as it considers reasonably practicable to bring the notice to the attention of members (if any) of that body; and

publish the notice in such manner as it thinks appropriate for bringing it to the attention of other persons who are, in its opinion, likely to be affected.

state why F106the appropriate regulator intends to give the direction or make the order; and

draw attention to the right to make representations conferred by subsection (3).

the recognised body,

any member of that body, and

any other person who is likely to be affected by the proposed direction or revocation order,

such longer period as the Authority may allow in the particular case.

give a direction, or

make a revocation order,

give the recognised body written notice of its decision; and

if it has decided to give a direction or make an order, take such steps as it considers reasonably practicable for bringing its decision to the attention of members of the body or of other persons who are, in the Authority’s opinion, likely to be affected.

without following the procedure set out in this section; or

if F105the appropriate regulator has begun to follow that procedure, regardless of whether the period for making representations has expired.

of one or more investment exchanges in relation to which a recognition order under section 290 is in force or of such investment exchanges generally, or

of one or more clearing houses in relation to which a recognition order under that section is in force or of such clearing houses generally.

the disciplinary proceedings are in accordance with the Convention rights.

its business as an investment exchange,

the provision by it of clearing services, or

the provision by it of services falling within section 285(2)(b) or (3)(b).

that the proposed provision will impose a requirement on persons affected (directly or indirectly) by it, and

that the requirement is excessive,

it is not required under F13EU law or any enactment or rule of law in the United Kingdom, and

the effect of existing legal and other requirements,

the global character of financial services and markets and the international mobility of activity,

the desirability of facilitating innovation, and

the impact of the proposed provision on market confidence.

specify descriptions of regulatory provision in relation to which, or circumstances in which, the duty in subsection (1) above does not apply, or

provide that the duty applies only to specified descriptions of regulatory provision or in specified circumstances.

make provision as to the form and contents of the notice required, and

require the body to provide such information relating to the proposal as may be specified in the rules or as the F114appropriate regulator may reasonably require.

before that notice is given, or

subject to the following provisions of this section, before the end of the initial period.

the period of 30 days beginning with the day on which the F116appropriate regulator receives notice of the proposal, or

if any consultation period announced by the body in relation to the proposal ends after that 30-day period, the end of the consultation period.

before the end of the initial period the F118appropriate regulator notifies the body that it is not calling in the proposal, or

the initial period ends without the F119appropriate regulator having notified the body that it is calling in the proposal,

giving details of the proposed provision,

stating that it has called in the proposal in order to consider whether to disallow it, and

specifying a period during which representations with respect to that question may be made to it.

the F120appropriate regulator notifies it of its decision not to disallow it, or

the 30-day period specified in subsection (4) ends without the F121appropriate regulator having notified any decision.

the body must not make the provision until those proceedings, and any proceedings on appeal, are finally determined,

if F123the appropriate regulator's decision is quashed and the matter is remitted to it for reconsideration, the court may give directions as to the period within which F124the regulator concerned is to complete its reconsideration, and

“regulatory provision” means any rule, guidance, arrangements, policy or practice, and

references to making provision shall be read accordingly as including, as the case may require, issuing guidance, entering into arrangements or adopting a policy or practice.

Part VII of the M6Companies Act 1989 (financial markets and insolvency), and

Part V of the M7Companies (No. 2)(Northern Ireland) Order 1990,

the conditions set by the F131Bank of England for admission to the list; and

the arrangements for admission to, and removal from, the list.

the F132Bank of England changes the conditions or arrangements (or both), and

the Treasury give a fresh approval under subsection (4),

publish the list as for the time being in force; and

provide a certified copy of it to any person who wishes to refer to it in legal proceedings.

apply (with such exceptions, additions and modifications as appear to the Secretary of State and the Treasury to be necessary or expedient) such provisions of, or made under, this Act as they consider appropriate;

provide for the provisions of Part VII of the M8Companies Act 1989 and Part V of the M9Companies (No. 2)(Northern Ireland) Order 1990 to apply (with such exceptions, additions or modifications as appear to the Secretary of State and the Treasury to be necessary or expedient).