Recognition requirement for stock exchanges: entities must obtain Board recognition before conducting, organising, or assisting exchange or clearing operations. No person may conduct, organise or assist in organising any stock exchange or clearing corporation without obtaining recognition from the Board in accordance with the Act, rules and these regulations. A stock exchange already recognised under the Act at commencement is deemed recognised under these regulations and is subject to their provisions, while existing clearing houses or persons clearing and settling trades may continue operations for a limited transitional period or until disposal of a recognition application.