(1) Where the Commission is satisfied that it is appropriate to do so-
(a) in the interest of the investing public or in the public interest; or
(b) for the proper regulation of markets in securities or futures contracts,
it may, after consultation with the Financial Secretary, by notice in writing served on a company, recognize the company as a clearing house-
(i) subject to such conditions as it considers appropriate specified in the notice; and
(ii) with effect from a date specified in the notice for the purpose.
(2) Without limiting the generality of conditions which may be specified in a notice under subsection (1), the Commission may, by notice in writing served on a recognized clearing house, amend or revoke any condition specified in the first-mentioned notice or impose new conditions, where the Commission-
(a) is satisfied that it is appropriate to do so on a ground specified in paragraph (a) or (b) of that subsection; and
(b) has consulted the Financial Secretary.
(3) Where the Commission amends or revokes any condition or imposes any new condition by a notice under subsection (2), the amendment, revocation or imposition takes effect at the time of service of the notice or at the time specified in the notice, whichever is the later.
(4) Where a company becomes a recognized clearing house, the Commission shall cause notice of that fact to be published in the Gazette.
(5) Where a company is seeking to be a recognized clearing house and the Commission is minded not to recognize the company under subsection (1), the Commission shall give the company a reasonable opportunity of being heard before making a decision not to recognize the company.
(6) Where the Commission refuses to recognize a company as a clearing house under subsection (1), the Commission shall, by notice in writing served on the company, inform the company of the refusal and of the reasons for it.