297 Revoking recognition.U.K.
(1)A recognition order may be revoked by an order made by the Authority at the request, or with the consent, of the recognised body concerned.
(2)If it appears to the Authority that a recognised body—
(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.
[F1(2A)If it appears to the Authority that a recognised body which is a recognised investment exchange—
(a)has not carried on the business of an investment exchange 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 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 a directly applicable Community regulation made under the markets in financial instruments directive,
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.]
(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) [F2or (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 the Authority thinks necessary or expedient.
Textual Amendments
F1S. 297(2A)-(2C) 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. 8(a)
F2Words in s. 297(4) 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. 8(b)
Modifications etc. (not altering text)
C1S. 297 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)