(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;
(2) Section 197 (procedure on exercise of power of intervention) applies to the exercise by the FCA of its power of intervention under paragraph (1) as it applied to the exercise by the FCA before IP completion day of its power of intervention under Part 13 of the
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