[(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—
(a) the applicant's business as an investment exchange, . . .
(b) the provision by the applicant of clearing services, [or
(c) the provision by the applicant of services falling within section 285(2)(b) or (3)(b),]
imposes or will impose an excessive requirement on the persons affected (directly or indirectly) by it.
(2) The reference in section 290(1) (making of recognition order) to satisfying the applicable recognition requirements
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