(1) This section applies where a recognised body proposes to make any regulatory provision in connection with -
(a) its business as an investment exchange,
(b) the provision by it of clearing services, or
(c) the provision by it of services falling within section 285(2)(b) or (3)(b).
(2) If it appears to the appropriate regulator -
(a) that the proposed provision will impose a requirement on persons affected (directly or indirectly) by it, and
(b) that the requirement is excessive,
the appropriate regulator may direct that the proposed provision must not be made.
(3) A requirement is excessive if -
(a) it is not required under any enactment or rule of law in the United Kingdom, and
(b) either -
(i) it is not justified as pursuing a reasonable regulatory objective, or
(ii) it is disproportionate to the end to be achieved.
(4) In considering whether a requirement is excessive the appropriate regulator must have regard to all the relevant circumstances, including -
(a) the effect of exist
…