(1) The Treasury may make regulations setting out the requirements—
(a) which must be satisfied by an investment exchange[, clearing house or central securities depository] if it is to qualify as a body in respect of which [the appropriate regulator] may make a recognition order under this Part; and
(b) which, if a recognition order is made, it must continue to satisfy if it is to remain a recognised body.
(2) But if regulations contain provision as to the default rules of an investment exchange[, clearing house or central securities depository], or as to proceedings taken under such rules by
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