(1)[F1A recognised body] shall give the [F2appropriate regulator] at least [F3three months] notice of any proposal to amend, revoke or add to its default rules; and the [F4regulator] may within [F3three months] from receipt of the notice direct [F5the recognised body] not to proceed with the proposal, in whole or in part.
[F6(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 [F7a recognised body] in breach of a direction under this section is ineffective.
[F8(4)The appropriate regulator”—
(a)in relation to a recognised UK investment exchange, means the FCA, and
(b)in relation to a [F9recognised clearing house] [F10or a recognised CSD], means the Bank of England.]
Textual Amendments
F1Words in s. 157(1) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(4)(a)(i) (with regs. 7(4), 9(1))
F2Words in s. 157(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 65(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Words in s. 157(1) substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 4(4)(a)(ii) (with regs. 52-58)
F4Word in s. 157(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 65(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5Words in s. 157(1) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(4)(a)(ii) (with regs. 7(4), 9(1))
F6 S. 157(1A) inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 4(4)(b) (with regs. 52-58)
F7Words in s. 157(3) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(4)(b) (with regs. 7(4), 9(1))
F8S. 157(4) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 65(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F9Words in s. 157(4)(b) substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 4(4)(c) (with regs. 52-58)
F10Words in s. 157(4)(b) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(4)(c) (with regs. 7(4), 9(1))
Commencement Information
I1S. 157 wholly in force at 25.4.1991 see s. 215 and S.I. 1991/878, art. 2, Sch. (subject to savings in art. 3(1))
