The existing clearing house (National Clearing Company of Pakistan Limited) is registered under rule 4 of the Clearing Houses (Registration and Regulation) Rules, 2005, and upon commencement of the Act, is deemed to be licensed under the Act. Upon expiry of its existing license, it will be required to obtain licence under section 24 of the Act. Any new applicant may also apply for license of a clearing house provided it meets the licensing requirements and other conditions as provided in Part III of the Act or any other conditions as may be prescribed through regulations made by the Commission under section 169 of the Act.