(1) Section 166 of the Companies Act 1989 (power of Secretary of State to give directions to recognised investment exchange or recognised clearing house) is amended as follows.
(2) In subsection (2)(a) -
(a) for "Authority", in the first place, substitute "appropriate regulator", and
(b) for "Authority", in the second place, substitute "regulator".
(3) In subsection (2)(b) -
(a) for "Authority", in the first place, substitute "appropriate regulator", and
(b) for "Authority", in the second place, substitute "regulator".
(4) In subsection (3) -
(a) for "Authority" substitute "appropriate regulator",
(b) omit the "or" following paragraph (a), and
(c) at the end insert -
"(c) in either case, that the direction is necessary having regard to the public interest in the stability of the financial system of the United Kingdom, or
(d) in either case, that the direction is necessary -
(i) to facilitate a proposed or possible use of a power under Part 1 of the Banking Act 2009 (special resolution
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