[(1) This section applies where a recognised body proposes to make any regulatory provision in connection [with—
(a) its business as an investment exchange,
(b) the provision by it of clearing services, or
(c) the provision by it of services falling within section 285(2)(b) or (3)(b)].
(2) If it appears to the [appropriate regulator]—
(a) that the proposed provision will impose a requirement on persons affected (directly or indirectly) by it, and
(b) that the requirement is excessive,
the [appropriate regulator] may direct that the proposed provision must not be made.
(3) A requirement is excessive if—
(a) it is not required under . . .
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