A recognised UK investment exchange or recognised UK clearing house shall give the F1Authority at least 14 days’ notice of any proposal to amend, revoke or add to its default rules; and the F1Authority may within 14 days from receipt of the notice direct the exchange or clearing house not to proceed with the proposal, in whole or in part.

A direction under this section may be varied or revoked.

Any amendment or revocation of, or addition to, the default rules of an exchange or clearing house in breach of a direction under this section is ineffective.