Section 297

A recognition order in respect of a recognised investment exchange or in respect of a recognised clearing house which is not a recognised central counterparty may be revoked by an order made by the appropriate regulator at the request, or with the consent, of the recognised body concerned. 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. A CSD recognition order may be revoked by an order made by the Bank of England in accordance with Article 20 of the CSD regulation. If it appears to the appropriate regulator that a recognised body which is not a recognised central counterparty or a recognised CSD— it may make an order revoking the recognition order for that body even though the body does not wish the order to be made. is failing, or has failed, to satisfy the recognition requirements, or is failing, or has failed, to comply with any other obligation imposed on it by or under this Act, If it appears to the appropriate regulator that a recognised body which is not a recognised central counterparty or a recognised CSD ...— it may make an order revoking the recognition order for that body even though the body does not wish the order to be made. has not carried on the business of an investment exchange or (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, has not carried on the business of an investment exchange or (as the case may be) of a clearing house at any time during the period of six months ending with the relevant day, or has failed, or is likely to fail, to comply with any obligation imposed on it by any qualifying provision specified (or of a description specified) for the purposes of this subsection in an order made by the Treasury, 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. Subsection (2A) does not apply to an overseas investment exchange or overseas clearing house. If it appears to the Bank of England that a recognised central counterparty or a recognised CSD has failed, or is likely to fail, to comply with an obligation imposed on it by or under Article 4 or 15 of the SFT regulation it may make an order revoking the recognition order for that body even though the body does not wish the order to be made. An order under this section (“a revocation order”) must specify the date on which it is to take effect. In the case of a revocation order made under subsection (2) or (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. A revocation order may contain such transitional provisions as the appropriate regulator thinks necessary or expedient. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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