8. In section 297 (revoking recognition)—U.K.
(a)after subsection (2) insert—
“(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.”;
(b)in subsection (4) after “(2)” insert “ or (2A) ”.