[290A Refusal of recognition on ground of excessive regulatory provision]

[290A  Refusal of recognition on ground of excessive regulatory provision]

[(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)

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