[(1) The [FCA] may object to a person's control over a recognised investment exchange in any of the circumstances specified in subsection (2).
(2) The circumstances are that the [FCA] reasonably believes that—
(a) the person acquired or increased control without giving notice under section 301A in circumstances where notice was required; and
(b) there are grounds for objecting to control on the basis of the approval requirement in section 301F(4).
(3) If the [FCA] proposes to object to a person's control over a recognised investment exchange, it must give that person a warning notice.
(4) If the [FCA] decides to object to a person's control over a UK authorised person, it must give that person a decision notice.
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