Section 290A(1)

The appropriate regulator must not make a recognition order if it appears to it that an existing or proposed regulatory provision of the applicant in connection with— imposes or will impose an excessive requirement on the persons affected (directly or indirectly) by it. the applicant's business as an investment exchange, ... the provision by the applicant of clearing services, or the provision by the applicant of services falling within section 285(2)(b) or (3)(b),

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Source: legislation.gov.uk · retrieved 2026-09-04