Section 128

If the FCA considers it desirable or expedient because of the exercise or possible exercise of a relevant power, it may direct a recognised investment exchange , recognised clearing house or recognised CSD— to terminate, suspend or limit the scope of any inquiry which the exchange , clearing house or central securities depository is conducting under its rules; or not to conduct an inquiry which the exchange , clearing house or central securities depository proposes to conduct under its rules. A direction under this section— must be given to the exchange , clearing house or central securities depository concerned by notice in writing; and is enforceable, on the application of the FCA, by injunction or, in Scotland, by an order under section 45 of the Court of Session Act 1988. In this section “relevant power” means the FCA’s power— to impose a penalty or publish a statement of censure under section 123; to impose a prohibition under section 123A; to impose a suspension or restriction under section 123B; to appoint a person to conduct an investigation under section 168 in a case falling within subsection (2)(d) of that section; or to appoint a person to conduct an investigation under section 169 (investigation etc in support of an overseas regulator) in a case falling within subsection (2A) of that section.

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Source: legislation.gov.uk · retrieved 2026-09-04