(1) Within 3 months of the passing of this Act every exchange which was established before such passing (in this Chapter referred to as "an existing exchange") shall -

(a) submit its rules to the Bank for approval, or

(b) disestablish itself.

(2) Pending a decision by the Bank to approve or not to approve of the rules of an existing exchange submitted to it under subsection (1)(a), the Bank may -

(a) subject, where appropriate, to the other provisions of this section, impose on the exchange such conditions or requirements as it considers appropriate to impose, or

(b) issue a direction under section 105 as if the existing exchange were an exchange whose rules had been approved by the Bank.