(1) This section applies if it appears to the appropriate regulator that a recognised body -
(a) has failed, or is likely to fail, to satisfy the recognition requirements; or
(b) has failed to comply with any other obligation imposed on it by or under this Act.
(1A) This section also applies if it appears to the appropriate regulator that a recognised body has failed, or is likely to fail, to comply with any obligation imposed on it by or under any qualifying provision specified (or of a description specified) for the purposes of this subsection in an order made by the Treasury.
(1B) [deleted]
(1C) This section also applies if it appears to the Bank of England that a Tier 2 third country central counterparty has failed to comply with an obligation imposed on it by or under this Act, or by or under the EMIR regulation.
(2) The regulator concerned may direct the recognised body to take specified steps for the purpose of securing the body's compliance with -
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