If it appears to the appropriate regulator that the applicant satisfies the recognition requirements applicable in its case, the regulator may -
(a) where the application is made under section 287, make a recognition order declaring the applicant to be a recognised investment exchange;
(b) where the application is made under section 288(1) and Article 17 of the EMIR regulation allows authorisation to be granted, make a recognition order ("a central counterparty recognition order") granting authorisation for the purposes of that Article and declaring the applicant to be a recognised central counterparty;
(c) where the application is made under section 288(1A), make a recognition order declaring the applicant to be a recognised clearing house which is not a recognised central counterparty; or
(d) where the application is made under section 288A, make a recognition order (a "CSD recognition order") granting authorisation for the purposes of Article 16 of the CSD regulation and declari
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