517.Subsection (1) defines what is meant by a recognised investment exchange and clearing house.
518.Subsections (2) and (3) set out the scope of the exemption for recognised bodies from the need to be authorised in order to carry on regulated activities which it carries on as an exchange or clearing house.  Exchanges are also exempt as respects anything they do for the purposes of, or in connection with, the provision of clearing services.
Commentary on Sections Part Xviii: Recognised Investment Exchanges and Clearing Houses Chapter I: Exemption Section 285: Exemption for recognised investment exchanges and clearing houses