MIR 2.1 MIR 2.1 Introduction
This chapter contains the Recognition Requirements for Recognised Bodies.
A Recognised Body must at all times comply with the requirements of this chapter to the satisfaction of the Regulator. The same standards apply on initial recognition and throughout the period Recognised Body status is held. The term Recognised Body in the guidance should be taken to refer also to an applicant when appropriate.
In considering whether a Recognised Body satisfies Recognition Requirements applying to it, the Regulator may take into account all relevant circumstances including the constitution of the Person concerned and its regulatory provisions.
In considering whether a Recognised Body satisfies the Recognition Requirements, the Regulator will have regard to:(a) the constitution, regulatory provisions and practices of the Recognised Body;(b) the nature (including complexity, diversity and risk) and scale of the Recognised Body's business;(c) the size and nature of the market which is supported by the Recognised Body's facilities;(d) the nature and status of the types of investor who use the Recognised Body's facilities or have an interest in the market supported by the recognised facilities;(e) competition in the markets for services provided, or proposed to be provided, by the Recognised Body in its capacity as such; and(f) the nature and scale of the risks to the Regulator's statutory objectives associated with the matters described in (a) to (e).