Clearing member and stock broker registrations are mutually dispensable subject to exchange or clearing corporation approval. Regulation 3 waives the need for separate clearing member or stock broker registrations where a person is already registered with the Board, subject to the approval of the relevant clearing corporation or recognised stock exchange; exempts limited purpose clearing corporation participants from separate registration for tri party repo proprietary trades in corporate bonds; and applies Chapters II, III, V, VI and VIII to clearing members mutatis mutandis, excluding specific provisions and treating references to recognised stock exchanges as references to clearing corporations.