[(1) Subsection (2) applies where—
(a) a body corporate or unincorporated association (“A”) makes an application under section 287 for an order declaring it to be a recognised investment exchange; and
(b) A is—
(i) connected with an EEA credit institution or EEA insurance undertaking; or
(ii) controlled by a person who also controls an EEA credit institution or EEA insurance undertaking.
(2) Before making a recognition order declaring A to be a recognised investment exchange under section 290, the FCA must consult the competent authority responsible for the supervision of the EEA credit institution or EEA insurance undertaking.
(3) A is connected with an EEA credit institution or EEA insurance undertaking if—
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