(1) No new application under section 9 of the 1986 Act (application for recognition) may be entertained.
(2) No outstanding application made under that section before the passing of this Act may continue to be entertained.
(3) After the date which is the designated date for a recognised self-regulating organisation—
(a) the recognition order for that organisation may not be revoked under section 11 of the 1986 Act (revocation of recognition);
(b) no application may be made to the court under section 12 of the 1986 Act (compliance orders) with respect to that organisation.
(4) The powers conferred by section 13 of the 1986 Act (alteration of rules for protection of investors) may not be exercised.
(5) “Designated date” means such date as the T
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