296 [Appropriate regulator's] power to give directions
296 [Appropriate regulator's] power to give directions

(1)     This section applies if it appears to [the appropriate regulator] that a recognised body—

(a)     has failed, or is likely to fail, to satisfy the recognition requirements; or

(b)     has failed to comply with any other obligation imposed on it by or under this Act.

[(1A)     This section also applies [if it appears to the appropriate regulator that a recognised body] has failed, or is likely to fail, to comply with any obligation imposed on it by [or under] any [directly applicable EU regulation [any qualifying provision] specified (or of a description specified) [for the purposes of this subsection] in an order made by the Treasury].]

[(1B)     This section also applies in the circumstances described in the second sub-paragraph of Article 24(5) of the CSD regulation if it appears to the Bank of England that it is appropriate to give a direction to an EEA CSD in relation to any services referred to in the Annex to the CSD regulation which the EEA CSD provides in the United Kingdom, in order to ensure its compliance with obligations arising from the CSD regulation or any directly applicable EU regulation made under the CSD regulation.]

[(1C)     This section also applies if it appears to the Ban

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