(1) The FCA may prohibit an EEA market operator from making or, as the case may be, continuing arrangements in the United Kingdom, in pursuance of the applicable provision, to facilitate access to, or use of, a trading venue operated by the operator if -
(a) the FCA has clear and demonstrable grounds for believing that the operator has contravened a relevant requirement, and
(b) the FCA has first complied with subsections (3) to (9).
(2) A requirement is relevant if it is imposed -
(a) by the operator’s home state regulator in the implementation of the markets in financial instruments directive or any EU legislation made under that directive;
(b) by provision implementing that directive, or any EU legislation made under it, in the operator’s home state;
(c) by the markets in financial instruments regulation; or
(d) by any directly applicable EU regulation made under that directive or that regulation.
(3) The FCA must notify the operator and its home state regulator of its find