MIR 7.1 MIR 7.1 Introduction and legal background
Applicants for recognition as a Remote Investment Exchange or Remote Clearing House shall follow the same application procedures as apply in respect of Applicants for recognition as a Recognised Investment Exchange or Recognised Clearing House.
Applicants for recognition as a Remote Clearing House must demonstrate, where they act as a CCP, that they have QCCP status for the purposes of the Bank for International Settlements' paper BCBS282 entitled "Capital requirements for bank exposures to central counterparties".
In addition, applications for recognition as a Remote Investment Exchange or Remote Clearing House must contain:(a) the address of the Applicant's head office in its home jurisdiction;(b) the address of a place in the Abu Dhabi Global Market for the service on the Applicant of notices or other documents required or authorised to be served on it;(c) information identifying any type of activity which the Applicant envisages having in the Abu Dhabi Global Market and extent and nature of usage and membership;(d) a comparative analysis of the Applicant's regulatory requirements in its home jurisdiction compared against those under the Rules set out in this Rulebook and those contained in the IOSCO Principles for Financial Market Infrastructures;(e) the information, evidence and explanatory material necessary to demonstrate to the Regulator that the requirements specified in Rule 7.2.2 are met;(f) one copy of each of the following documents:(i) its most recent financial statements; and(ii) the Applicant’s memorandum and articles of association or any similar documents; and(g) the date by which the Applicant wishes the Recognition Order to take effect.
The Regulator may require further information, including information specified in Rule 2.15.4, from the Applicant and may need to have discussions with the appropriate authorities in the Applicant's home jurisdiction.
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.