Regulation 3

An application for recognition as a recognised trading system provider made under section 36(1) of the Act in force immediately before 1st July 2005 that is pending approval immediately before that date shall be deemed to be an application for recognition as a recognised market operator made under section 7(2)(a) of the Act, and the fee which accompanied such application shall be deemed to be the application fee referred to under section 7(2)(b) of the Act.