1. The FCA shall withdraw the registration of an administrator located in a third country by removing that administrator from the FCA register where it has well-founded reasons, based on documented evidence, that the administrator:
(a) is acting in a manner which is clearly prejudicial to the interests of the users of its benchmarks or the orderly functioning of markets; or
(b) has seriously infringed the national legislation in the third country or other provisions applicable to it in the third country and on the basis of which the Treasury have made regulations in accordance with Article 30(2) or (3) (on or after IP completion day) or the European Commission adopted an implementing decision in accordance with Article 30(2) or (3) of the EU Benchmarks Regulation (before IP completion day).
2. The FCA shall take a decision under paragraph 1 only if the following conditions are fulfilled:
(a) the FCA has referred the matter to the competent authority of the third country and that compet
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