Regulation 29.

Financial Services and Markets Act 2000

1.

(1) The Financial Services and Markets Act 2000 is amended as follows.

(2) In section 297 [Section 297 was amended by paragraph 15 of Schedule 8 to the Financial Services Act 2012 and S.I. 2007/126, S.I. 2012/916 and S.I. 2013/504.] (revoking recognition) after subsection (2C) insert -

"(2D) If it appears to the Bank of England that a recognised central counterparty has failed, or is likely to fail, to comply with an obligation imposed on it by or under Article 4 or 15 of the SFT regulation it may make an order revoking the recognition order for that body even though the body does not wish the order to be made.".

(3) In section 298 [Section 298 was amended by section 32 and paragraph 16 of Schedule 8 to the Financial Services Act 2012 and S.I. 2007/126.] (directions and revocation: procedure) -

(a) in subsection (1) for "or (2A)" substitute ", (2A) or (2D)";

(b) after subsection (6) insert -

"(6A) If the appropriate regulator -