(1) The Bank of England may direct a recognised central counterparty to take, or refrain from taking, specified action if the Bank is satisfied that it is necessary to give the direction, having regard to the public interest in -
(a) protecting and enhancing the stability of the UK financial system,
(b) maintaining public confidence in the stability of the UK financial system,
(c) maintaining the continuity of the clearing services provided by the recognised central counterparty, and
(d) maintaining and enhancing the financial resilience of the recognised central counterparty.
(2) The direction may, in particular -
(a) specify the time for compliance with the direction,
(b) require the rules of the recognised central counterparty to be amended, and
(c) override such rules (whether generally or in their application to a particular case).
(3) The direction may not require the recognised central counterparty -
(a) to take any steps for the purpose of securing its compliance with -
(i) the
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