C2 Part XVIII Recognised Investment Exchanges and Clearing Houses
Chapter I Exemption
Supervision
C1297 Revoking recognition.
1
F141A
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.
2
If it appears to F5the appropriate regulator that a recognised body F17which is not a recognised central counterparty—
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.
F12A
If it appears to F6the appropriate regulator that a recognised body F15which is not a recognised central counterpartyF7...—
a
has not carried on the business of an investment exchange F8or (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 F9or (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 a F10directly applicable EU regulation specified (or of a description specified) 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 F11or overseas clearing house.
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 F12the appropriate regulator thinks necessary or expedient.
F36
Where F13the appropriate regulator makes an order revoking the recognition order for a body that is a recognised investment exchange, it must notify ESMA.
Pt. 18 applied in part (with modifications) (12.12.2011) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), reg. 7, Sch. 2 (as amended (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 37 (with regs. 7(4), 9(1)))