Financial Services Act 1986

192 International obligations

(1) If it appears to the Secretary of State—

(a) that any action proposed to be taken by a recognised self-regulating organisation, designated agency, transferee body or competent authority would be incompatible with Community obligations or any other international obligations of the United Kingdom ; or

(b) that any action which that organisation, agency, body or authority has power to take is required for the purpose of implementing any such obligations,

he may direct the organisation, agency, body or authority not to take or, as the case may be, to take die action in question.

(2) Subsection (1) above applies also to an approved exchange within the meaning of Part V of this Act in respect of any action which it proposes to take or has power to take in respect of rules applying to a prospectus by virtue of a direction under section 162(3) above.

(3) A direction under this section may include such supplementary or incidental requirements as the Secretary of State thinks necessary or expedient.

(4) Where the function of making or revoking a recognition order in respect of a self-regulating organisation is exercisable by a designated agency any direction under subsection (1) above in respect of that organisation shall be a direction requiring the agency to give the organisation such a direction as is specified in the direction given by the Secretary of State.

(5) Any direction under this section shall, on the application of the person by whom it was given, be enforceable by mandamus or, in Scotland, by an order for specific performance under section 91 of the [1868 c. 100.] Court of Session Act 1868.