Recognition of bullion market infrastructure depends on application compliance, eligibility assessment, discretionary conditions, and a prior hearing before refusal.

Recognition as a bullion exchange or bullion clearing corporation may be granted after consideration of an application where the applicant has complied with the applicable recognition conditions and is eligible for recognition. Recognition may be made subject to additional conditions considered appropriate. Refusal of recognition may occur only after the applicant is given an opportunity of being heard under the prescribed statutory procedure.

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