296 Authority’s power to give directions.E+W+S+N.I.
(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.
[F1(1A)This section also applies in the case of a recognised body which is a recognised investment exchange if it appears to the Authority that the body has failed, or is likely to fail, to comply with any obligation imposed on it by any directly applicable Community regulation made under the markets in financial instruments directive.]
(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.
[F2(2A)In the case of a recognised investment exchange other than an overseas investment exchange, those steps may include—
(a)the granting to the Authority of access to the premises of the exchange for the purpose of inspecting—
(i)those premises; or
(ii)any documents on the premises which appear to the Authority to be relevant for the purpose mentioned in subsection (2);
(b)the suspension of the carrying on of any regulated activity by the exchange for the period specified in the direction.]
(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 M1Court 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.
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Amendments (Textual)
F1S. 296(1A) inserted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(2), Sch. 2 para. 7(a)
F2S. 296(2A) inserted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(2), Sch. 2 para. 7(b)
Modifications etc. (not altering text)
C1S. 296 amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(11); S.I. 2001/3538, art. 2(1)
Marginal Citations