Recognition requirements for stock exchanges and clearing corporations require specified documentation, fit and proper checks and key senior appointments for approval. Applicants for recognition as a stock exchange or clearing corporation must substantiate capability to comply with SCRA, SCRR and applicable Regulations and may be assessed for in principle approval on documents such as a five year business feasibility plan, financial evidence, functional write ups, authorised signatory details, organisational structure, undertakings, manpower planning and fit and proper information. Before final approval the Board requires appointment of heads of specified key departments and satisfactory compliance with Board observations from inspection, with the Board empowered to demand any additional information or actions deemed necessary.