REC 6.2 Applications

1. (1)

   Overseas investment exchanges and overseas clearing houses which are considering whether to seek authorisation or recognition should first consider whether they will be carrying on regulated activities in the United Kingdom. Overseas investment exchangesand overseas clearing houses which do not carry on regulated activities in the United Kingdom need take no action.

2. (2)

   Prospective applicants should discuss authorisation and recognition with the FSA before deciding whether to seek authorisation or recognition.

A prospective applicant may wish to contact the Markets Division at the FSA at an early stage for advice on the preparation, scheduling and practical aspects of an application to become an overseas recognised body.

Applications for authorised person status should be made in accordance with the Authorisation manual (AUTH). Applications for recognition as an overseas recognised body should be addressed to:

The Financial Services Authority (Markets Division)

25 The North Colonnade

Canary Wharf

London E14 5HS

There is no standard application form for application for recognition as an overseas recognised body. An application should be made in accordance with any direction the FSA may make under section 287 (Application by an investment exchange) or section 288 (Application by a clearing house) of the Act and should include:

1. (1)

   the information, evidence and explanatory material necessary to demonstrate to the FSA that the recognition requirements (set out in REC 6.3) will be met;

2. (2)

   the application fee (see REC 7);

3. (3)

   the address of the applicant's head office in its home territory;

4. (4)

   the address of a place in the United Kingdom for the service on the applicant of notices or other documents required or authorised to be served on it under the Act (see section 292(1));

5. (5)

   the applicant's regulatory provisions;

6. (6)

   one copy of each of the following documents:

   1. (a)

      its most recent annual report and accounts; and

   2. (b)

      the applicant's memorandum and articles of association or any similar or analogous documents; and

7. (7)

   information identifying the following (if not contained in the documents listed in (5) or (6) or the material referred to in (1)):

   1. (a)

      any type of regulated activity which the applicant envisages carrying on in the United Kingdom;

   2. (b)

      any type of specified investmentdealt in on, or cleared by,the applicant;

   3. (c)

      the date by which the applicant wishes the recognition order to take effect; and

   4. (d)

      any body or authority which supervises the applicant under the law of the home territory, the status of the applicant under that law, and the enactment or regulation under which the supervision is conducted.

The FSA may require further information from the applicant and may need to have discussions with the appropriate authorities in the applicant's home territory. To allow sufficient time for applications to be processed and for the necessary contacts to be made with the appropriate home territory authorities, applications should be made not later than six months before the applicant wishes the recognition order to take effect. No guarantee can be given that a decision will be reached within this time, although the FSA will endeavour to meet the applicant's reasonable timing requirements.

All material should be supplied in English, or accompanied, if appropriate, by an accurate English translation. An English glossary of technical or statistical terms may be sufficient to accompany tables of statistical or financial information.