(1) The Bank -

(a) may grant or refuse to grant to any person applying to it under these Regulations an authorisation to operate a regulated market, and

(b) shall not grant an authorisation under subparagraph (a) unless satisfied that the applicant complies with these Regulations.

(2) The grant of an authorisation under paragraph (1) may be given -

(a) unconditionally, or

(b) as the Bank considers fit, subject to conditions or requirements,

and the Bank may from time to time vary conditions or requirements subsequent to granting an application for authorisation.

(3) If the Bank decides under paragraph (1) to refuse to grant an authorisation for an applicant to operate a regulated market, the Bank shall promptly serve notice on the applicant of the Bank's decision, stating the reasons for the refusal.

(4) For the purposes of these Regulations:

(a) the Main Securities Market of the Irish Stock Exchange PLC is deemed to be a regulated market,