http://www.legislation.gov.uk/ukpga/2000/8/section/292/enactedFinancial Services and Markets Act 2000GovernanceKing's Printer of Acts of Parliament2025-07-28 Part XVIIIRecognised Investment Exchanges and Clearing HousesChapter IExemptionApplications for recognitionOverseas investment exchanges and overseas clearing houses 292 1 An application under section 287 or 288 by an overseas applicant must contain the address of a place in the United Kingdom for the service on the applicant of notices or other documents required or authorised to be served on it under this Act. 2 If it appears to the Authority that an overseas applicant satisfies the requirements of subsection (3) it may make a recognition order declaring the applicant to be— a a recognised investment exchange; b a recognised clearing house. 3 The requirements are that— a investors are afforded protection equivalent to that which they would be afforded if the body concerned were required to comply with recognition requirements; b 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; c the applicant is able and willing to co-operate with the Authority by the sharing of information and in other ways; d adequate arrangements exist for co-operation between the Authority and those responsible for the supervision of the applicant in the country or territory in which the applicant’s head office is situated. 4 In considering whether it is satisfied as to the requirements mentioned in subsection (3)(a) and (b), the Authority is to have regard to— a the relevant law and practice of the country or territory in which the applicant’s head office is situated; b the rules and practices of the applicant. 5 In relation to an overseas applicant and a body or association declared to be a recognised investment exchange or recognised clearing house by a recognition order made by virtue of subsection (2)— a 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; b 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; c 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 the Authority arrangements of the kind mentioned in subsection (3)(d) no longer exist.