(1) With effect from the commencement of this Act, the Eastern Caribbean Securities Exchange Limited, subject to subsection (3), is considered to be licensed under this Part.
(2) The Eastern Caribbean Securities Exchange Limited shall, not later than 12 months after the commencement of this Act or within such longer period as the Commission will allow—
(a) take such steps as are necessary to ensure that it satisfies the conditions specified in section 10(2);
(b) notify the Commission in writing of the steps so taken; and
(c) apply for a securities exchange licence under section 9.
(3) If the Eastern Caribbean Securities Exchange Limited fails to take action in accordance with subsection (2) within the time limited by or under that subsection, the Eastern Caribbean Securities Exchange Limited shall cease to be deemed to be licensed on the expiration of that period.