(1) Only a company may apply to the Commission for a licence to operate a clearing agency.
(2) An application under subsection (1) shall—
(a) be made in the form prescribed by the Commission and shall be completed in accordance with any direction specified in the form;
(b) be accompanied by a copy of the applicant's rules; and
(c) be accompanied by particulars of the securities exchange, together with a letter of confirmation from the securities exchange, with which the applicant proposes to make clearing arrangements.
(3) At any time after receiving an application and before determining it the Commission may require the applicant to furnish additional information.
(4) Any information to be furnished to the Commission under this section shall, if it so requires, be in such form or verified in such manner as the Commission may specify.