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(1)[A recognised body] shall give the [appropriate regulator] at least [three months] notice of any proposal to amend, revoke or add to its default rules; and the [regulator] may within [three months] from receipt of the notice direct [the recognised body] not to proceed with the proposal, in whole or in part.
[(1A)The appropriate regulator may, if it considers it appropriate to do so, agree a shorter period of notice and, in a case where it does so, any direction under this section must be given by it within that shorter period.]
(2)A direction under this section may be varied or revoked.
(3)Any amendment or revocation of, or addition to, the default rules of [a recognised body] in breach of a direction under this section is ineffective.
[(4)The appropriate regulator”—
(a)in relation to a recognised UK investment exchange, means the FCA, and
(b)in relation to a [recognised clearing house] [or a recognised CSD], means the Bank of England.]
Textual Amendments
Commencement Information