(1) A person shall not carry on business as a securities exchange or clearing agency, or carry on activities as an association of securities companies or investment advisers, except under and in accordance with a self regulatory organisation licence granted by the Commission under this Part.
(2) An application under subsection (1) shall be made in the form prescribed by the Commission.
(3) The Eastern Caribbean Securities Exchange Limited and the Eastern Caribbean Central Securities Depository Limited are deemed to be licensed under this Part as self-regulatory organisations.