(1) If the FCA considers that -

(a) a trade repository has contravened, or is likely to contravene, a requirement imposed by or under this Part, the EMIR Regulation or the TRATP Regulations, or

(b) it is desirable to exercise the power in order to advance one or more of its operational objectives set out in section 1B(3) of FSMA,

it may impose, for such period as it considers appropriate, such requirements in relation to the carrying on of trade repository activities as it considers necessary or expedient.

(2) A requirement may, in particular, be imposed so TRATP Regulations as to require a trade repository to take, or refrain from taking, specified action.

(3) The FCA may -

(a) withdraw a requirement; or

(b) vary a requirement so as to reduce the period for which it has effect or otherwise to limit its effect.

(4) The imposition of the requirement takes effect -

(a) immediately, if the notice given under paragraph (6) states that that is the case; or