(1) Where a relevant recognition requirement limits the number of non-executive directorships a member of the management body of an exchange may hold at the same time, the FCA may authorise that member to hold one additional directorship.
(2) In paragraph (1) -
"management body" has the meaning given by regulation 3 (interpretation) of Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001 [S.I. 2001/995; there are amendments to regulation 3 but none is relevant.]; and
"relevant recognition requirement" means a requirement set out in paragraph 2B(1)(a)(i) or (ii) of the Schedule to those Regulations.
(3) [deleted]