119. Exemption for Recognised Investment Exchanges and Recognised Clearing Houses

(1) A Recognised Investment Exchange is exempt from the General Prohibition as respects any Regulated Activity —
(a) which is carried on as a part of the Recognised Investment Exchange's business as an investment exchange; or
(b) which is carried on for the purposes of, or in connection with, the provision by the exchange of services designed to facilitate the provision of clearing services by another person.
(2) A Recognised Clearing House is exempt from the General Prohibition as respects any Regulated Activity —
(a) which is carried on for the purposes of, or in connection with, the provision of clearing services by the Recognised Clearing House; or
(b) which is carried on for the purposes of, or in connection with, the provision by the Recognised Clearing House of services designed to facilitate the provision of clearing services by another person.
(3) The Regulator may make Rules which amend paragraph (b) of subsection (1) or (2).