s 55 Cancellation of approval or recognition
55.—(1) An approved clearing house or a recognised clearing house which intends to cease operating its clearing facility or, where it operates more than one clearing facility, all of its clearing facilities, may apply to the Authority to cancel its approval as an approved clearing house or recognition as a recognised clearing house, as the case may be.[34/2012] (2) An application under subsection (1) must be made in such form and manner, and not later than such time, as the Authority may prescribe.[34/2012] (3) The Authority may cancel the approval of an approved clearing house, or the recognition of a recognised clearing house, on such application if the Authority is satisfied that —(a) the approved clearing house or recognised clearing house has ceased operating its clearing facility or all of its clearing facilities, as the case may be; and (b) the cancellation of the approval or recognition (as the case may be) will not detract from the objectives specified in section 47.[34/2012]