127. Non-Abu Dhabi Global Market Investment Exchanges and Non-Abu Dhabi Global Market Clearing Houses

(1) An Application under sections 121 or 122 by a Non-Abu Dhabi Global Market Applicant must comply with such requirements relating to Non-Abu Dhabi Global Market Recognised Bodies as the Regulator may specify by Rules.
(2) If it appears to the Regulator that a Non-Abu Dhabi Global Market Applicant satisfies the requirements of subsection (3) it may make a recognition order declaring the Applicant to be —
(a) a Recognised Investment Exchange;
(b) a Recognised Clearing House.
(3) The requirements are that —
(a) investors are afforded protection equivalent to that which they would be afforded if the body concerned were required to comply with Recognition Requirements, other than any such requirements which are expressed in Rules under section 120 not to apply for the purposes of this paragraph;
(b) there are adequate procedures for dealing with a person who is unable, or likely to become unable, to meet his obligations in respect of one or more Market Contracts connected with the investment exchange or clearing house;
(c) the Applicant is able and willing to co-operate with the Regulator by the sharing of information and in other ways;
(d) adequate arrangements exist for co-operation between the Regulator and those responsible for the supervision of the Applicant in the country or territory in which the Applicant's head office is situated.
(4) In considering whether it is satisfied as to the requirements mentioned in subsections (3)(a) and (b), the Regulator is to have regard to —
(a) the relevant law and practice of the country or territory in which the Applicant's head office is situated, including, with respect to a Non-Abu Dhabi Global Market Recognised Clearing House applicant, the equivalence of such laws to those set out in Chapter 3 and Chapter 4 of this Part, and Part 13 of these Regulations;
(b) the rules and practices of the Applicant.
(5) In relation to a Non-Abu Dhabi Global Market Applicant and a body or association declared to be a Recognised Investment Exchange or Recognised Clearing House by a recognition order made by virtue of subsection (2) —
(a) the reference in section 139(1) to Recognition Requirements is to be read as a reference to matters corresponding to the matters in respect of which provision is made in the Recognition Requirements;
(b) sections 132(1) and 134(2) have effect as if the requirements mentioned in section 132(1)(a) and section 134(2)(a) were those of subsections (3)(a), (b), and (c) of this section;
(c) section 134(2) has effect as if the grounds on which a recognition order may be revoked under that provision included the ground that in the opinion of the appropriate regulator arrangements of the kind mentioned in subsection (3)(d) no longer exist.