Financial Services and Markets Act 2000

297 Revoking recognition.U.K.

(1)A recognition order [F1in respect of a recognised investment exchange or in respect of a recognised clearing house which is not a recognised central counterparty] may be revoked by an order made by [F2the appropriate regulator] at the request, or with the consent, of the recognised body concerned.

[F3(1A)A central counterparty recognition order may be revoked by an order made by the Bank of England in accordance with Article 20 of the EMIR regulation.]

[F4(1B)A CSD recognition order may be revoked by an order made by the Bank of England in accordance with Article 20 of the CSD regulation.]

(2)If it appears to [F5the appropriate regulator] that a recognised body [F6which is not a recognised central counterparty] [F7or a recognised CSD]—

(a)is failing, or has failed, to satisfy the recognition requirements, or

(b)is failing, or has failed, to comply with any other obligation imposed on it by or under this Act,

it may make an order revoking the recognition order for that body even though the body does not wish the order to be made.

[F8(2A)If it appears to [F9the appropriate regulator] that a recognised body [F10which is not a recognised central counterparty] [F11or a recognised CSD] F12...—

(a)has not carried on the business of an investment exchange [F13or (as the case may be) of a clearing house] during the period of twelve months beginning with the day on which the recognition order took effect in relation to it,

(b)has not carried on the business of an investment exchange [F14or (as the case may be) of a clearing house] at any time during the period of six months ending with the relevant day, or

(c)has failed, or is likely to fail, to comply with any obligation imposed on it by [F15any qualifying provision] specified (or of a description specified) [F16for the purposes of this subsection] in an order made by the Treasury,

it may make an order revoking the recognition order for that body even though the body does not wish the order to be made.

(2B)The “relevant day”, for the purposes of paragraph (b) of subsection (2A), is the day on which the power to make an order under that subsection is exercised.

(2C)Subsection (2A) does not apply to an overseas investment exchange [F17or overseas clearing house].]

[F18(2D)If it appears to the Bank of England that a recognised central counterparty [F19or a recognised CSD] has failed, or is likely to fail, to comply with an obligation imposed on it by or under Article 4 or 15 of the SFT regulation it may make an order revoking the recognition order for that body even though the body does not wish the order to be made.]

(3)An order under this section (“a revocation order”) must specify the date on which it is to take effect.

(4)In the case of a revocation order made under subsection (2) [F20or (2A)], the specified date must not be earlier than the end of the period of three months beginning with the day on which the order is made.

(5)A revocation order may contain such transitional provisions as [F21the appropriate regulator] thinks necessary or expedient.

F22(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .