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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 28 November 2017 - onwards
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286. Qualification for recognition

(1) The Treasury may make regulations setting out the requirements -

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

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

(2) But if regulations contain provision as to the default rules of an investment exchange, clearing house or central securities depository, or as to proceedings taken under such rules by such a body, they require the approval of the Secretary of State.

(3) "Default rules" means rules of an investment exchange, clearing house or central securities depository which provide for the taking of action in the event of a person's appearing to be unable, or likely to become unable, to meet his obligations in respect of one or more market contracts connected with the exchange, clearing house or

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