Financial Services Act 1986 (repealed)
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Change 1
37 Grant and revocation of recognition.
(1) Any body corporate or unincorporated association may apply to the Secretary of State for an order declaring it to be a recognised investment exchange for the purposes of this Act. (2) Subsections (2) to (5) of section 9 above shall have effect in relation to an application under subsection (1) above as they have effect in relation to an application under subsection (1) of that section; and every application under subsection (1) above shall be accompanied by— (a) a copy of the applicant’s rules; (b) a copy of any guidance issued by the applicant which is intended to have continuing effect and is issued in writing or other legible form; and (c) particulars of any arrangements which the applicant has made or proposes to make for the provision of clearing services. (3) The Secretary of State may, on an application duly made in accordance with subsection (1) above and after being furnished with all such information as he may require in connection with the application, make or refuse to make an order (“a recognition order") declaring the applicant to be a recognised investment exchange for the purposes of this Act. (4) Subject to Chapter XIV of this Part of this Act, the Secretary of State may make a recognition order if it appears to him from the information furnished by the exchange making the application and having regard to any other information in his possession that the requirements of Schedule 4 to this Act are satisfied as respects that exchange. (5) Where the Secretary of State refuses an application for a recognition order he shall give the applicant a written notice to that effect stating the reasons for the refusal. (6) A recognition order shall state the date on which it takes effect. (7) A recognition order may be revoked by a further order made by the Secretary of State if at any time it appears to him— (a) that any requirement of Schedule 4 to this Act is not satisfied in the case of the exchange to which the recognition order relates; or (b) that the exchange has failed to comply with any obligation to which it is subject by virtue of this Act; and subsections (2) to (9) of section 11 above shall have effect in relation to the revocation of a recognition order under this subsection as they have effect in relation to the revocation of such an order under subsection (1) of that section. (8) Section 12 above shall have effect in relation to a recognised investment exchange and the requirements and obligations referred to in subsection (7) above as it has effect in relation to the requirements and obligations there mentioned.
37 Grant and revocation of recognition.
(1) Any body corporate or unincorporated association may apply to the Secretary of State for an order declaring it to be a recognised investment exchange for the purposes of this Act. (2) Subsections (2) to (5) of section 9 above shall have effect in relation to an application under subsection (1) above as they have effect in relation to an application under subsection (1) of that section; and every application under subsection (1) above shall be accompanied by— (a) a copy of the applicant’s rules; (b) a copy of any guidance issued by the applicant which is intended to have continuing effect and is issued in writing or other legible form; and (c) particulars of any arrangements which the applicant has made or proposes to make for the provision of clearing services. (3) The Secretary of State may, on an application duly made in accordance with subsection (1) above and after being furnished with all such information as he may require in connection with the application, make or refuse to make an order (“a recognition order") declaring the applicant to be a recognised investment exchange for the purposes of this Act. (4) Subject to Chapter XIV of this Part of this Act, the Secretary of State may make a recognition order if it appears to him from the information furnished by the exchange making the application and having regard to any other information in his possession that the requirements of Schedule 4 to this Act are satisfied as respects that exchange. (5) Where the Secretary of State refuses an application for a recognition order he shall give the applicant a written notice to that effect stating the reasons for the refusal. (6) A recognition order shall state the date on which it takes effect. (7) A recognition order may be revoked by a further order made by the Secretary of State if at any time it appears to him— (a) that any requirement of Schedule 4 to this Act is not satisfied in the case of the exchange to which the recognition order relates; or (b) that the exchange has failed to comply with any obligation to which it is subject by virtue of this Act; and subsections (2) to (9) of section 11 above shall have effect in relation to the revocation of a recognition order under this subsection as they have effect in relation to the revocation of such an order under subsection (1) of that section. (8) Section 12 above shall have effect in relation to a recognised investment exchange and the requirements and obligations referred to in subsection (7) above as it has effect in relation to the requirements and obligations there mentioned.
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