110. {1)

The Authority may, on an application duly made in accordance with section 100 or 102 and after being furnished with all such information as it may 1320

require, make or refuse to make an order (a recognition order! declaring the applicant to be a recognised self-regulating organisation.

The Authority may refuse to make a recognition order in respect of a self-regulating organisation if it thinks that its recognition is unnecessary having regard to the existence of one or more other organisations which are concerned with investment business of a kind with which the applicant is concerned and which have been or are likely to be recognised under this section.

Where the Authority refuses an application for a recognition order, it shall give the applicant a notice in writing to 'that effect specifying a requirement which in the opinion of the Authority is not satisfied.