Fit and proper criteria govern ownership and management of exchanges and clearing corporations, enabling replacement and Board oversight. Fit and proper standards apply to applicants, recognised stock exchanges, recognised clearing corporations, and their shareholders, directors and key management personnel, requiring reputation, fairness, integrity and financial integrity and absence of disqualifications such as conviction for economic or securities offences, winding up, insolvency, restraining Board orders, pending recovery proceedings, financial unsoundness or wilful defaulter status, and other Board-specified disqualifications. Shareholders, directors and KMP are further disqualified if of unsound mind, declared fugitive economic offenders, or convicted of moral turpitude. Entities must replace disqualified directors or KMP within thirty days and the Board's decision on fitness is final.