(1) The FCA may object to a person's control over a recognised investment exchange in any of the circumstances specified in subsection (2).
(2) The circumstances are that the FCA reasonably believes that -
(a) the person acquired or increased control without giving notice under section 301A in circumstances where notice was required; and
(b) there are grounds for objecting to control on the basis of the approval requirement in section 301F(4).
(3) If the FCA proposes to object to a person's control over a recognised investment exchange, it must give that person a warning notice.
(4) If the FCA decides to object to a person's control over a UK authorised person, it must give that person a decision notice.
(5) A person to whom the FCA gives a decision notice under this section may refer the matter to the Tribunal.