(1) Subject to paragraph (2), a recognised body, a third country central counterparty and a third country CSD shall be deemed to satisfy the requirements in paragraphs 2 and 3 of the Schedule.

(2) Paragraph (1) does not apply to overseas investment exchanges or overseas clearing houses within the meaning of the 2000 Act.

(3) "third country central counterparty" and "third country CSD" have the meanings given by section 285 of the 2000 Act.

(4) "recognised body" has the meaning given by section 313 of the 2000 Act.