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 qualifying provision] [specified (or of a description specified) [for the purposes of this subsection] in an order made by the Treasury].]

[(1B)     . . .]

[(1C)     This section also applies if it appears to the Bank of England that a Tier 2 third country central counterparty has failed to comply with an obligation imposed on it by or under this Act, or by or under the EMIR regulation.]

(2)     [The regulator concerned] may direct

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