Recognition conditions govern stock exchange and clearing corporation admission; infrastructure, governance, risk management and fit and proper criteria required. Regulation 7 sets recognition conditions for stock exchanges and clearing corporations: applicants must be companies limited by shares, be demutualised, and have fit and proper persons among directors and shareholders; satisfy ownership, governance and networth requirements; and demonstrate financial capacity, expertise and infrastructure. Stock exchange applicants must also show trading, surveillance, listing, member connectivity, investor protection, dissemination, systems capacity with business continuity, qualified personnel and an appraised feasibility plan. Clearing corporation applicants must show settlement infrastructure, risk management, settlement procedures, guarantee fund capacity, member and connectivity arrangements, real time risk systems, dispute resolution, relevant agreements and an appraised feasibility plan.