(1) An application under section 287 or 288(1A) 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 appropriate regulator 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 which is not a central counterparty.

(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 -