C1Part XVIII Recognised Investment Exchanges and Clearing Houses

Annotations:
Modifications etc. (not altering text)

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.

F11A

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.