(1) A person shall not establish or operate a clearing agency except under and in accordance with a clearing agency licence granted by the Commission under this Act.
(2) A person shall not assist any other person in the operation of a clearing agency unless that other person is the holder of a clearing agency licence.
(3) Subject to the provisions of this Part, the Commission may license a company to operate a clearing agency, which shall be the company's sole activity, where it is satisfied that it is appropriate—
(a) in the interests of the investing public; and
(b) for the proper regulation of services for the clearing and settlement of transactions in securities contracts on a securities exchange.