Part XVIII

Recognised Investment Exchanges and Clearing Houses
Chapter I

Exemption

Applications for recognition

Recognition orders.
290
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.
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.
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.
S. 290 wholly in force at 1.12.2001; s. 290 not in force at Royal Assent see s. 431(2); s. 290 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 290 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
S. 290(1A)-(1C) inserted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(2), Sch. 2 para. 4
Pt. 18 Ch. 3A (ss. 312A-312D) inserted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(2), Sch. 2 para. 15 (with reg. 5)
Pt. 18 Ch. 1A (ss. 301A-301G) inserted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(2), Sch. 2 para. 10