Part XVIIIRecognised Investment Exchanges and Clearing Houses

Chapter IExemption

Supervision

296Authority’s power to give directions

1

This section applies if it appears to the Authority that a recognised body—

a

has failed, or is likely to fail, to satisfy the recognition requirements; or

b

has failed to comply with any other obligation imposed on it by or under this Act.

2

The Authority may direct the body to take specified steps for the purpose of securing the body’s compliance with—

a

the recognition requirements; or

b

any obligation of the kind in question.

3

A direction under this section is enforceable, on the application of the Authority, by an injunction or, in Scotland, by an order for specific performance under section 45 of the [1988 c. 36.] Court of Session Act 1988.

4

The fact that a rule made by a recognised body has been altered in response to a direction given by the Authority does not prevent it from being subsequently altered or revoked by the recognised body.