(1) The FCA may exercise its power of intervention in relation to a third country firm registered with it where it considers that -

(a) the firm has acted, or is acting, in a manner which is clearly prejudicial to the interests of investors or the orderly functioning of the markets; or

(b) the firm has seriously infringed provisions -

(i) applicable to the firm in the country in which it is established; and

(ii) on the basis of which -

(aa) the Commission has adopted a decision in relation to the country under paragraph 1 of Article 47 of the markets in financial instruments regulation before IP completion day; or

(bb) the Treasury have made regulations in relation to the country under that paragraph after IP completion day;