Section 12(1)

The FCA may exercise its power of intervention in relation to a third country firm registered with it where it considers that — the firm has acted, or is acting, in a manner which is clearly prejudicial to the interests of investors or the orderly functioning of the markets; or the firm has seriously infringed provisions— applicable to the firm in the country in which it is established; and on the basis of which— the Commission has adopted a decision in relation to the country under paragraph 1 of Article 47 of the markets in financial instruments regulation before IP completion day; or the Treasury have made regulations in relation to the country under that paragraph after IP completion day;

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