[300A Power of [appropriate regulator] to disallow excessive regulatory provision]
[300A Power of [appropriate regulator] to disallow excessive regulatory provision]

[(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 [EU] law or any enactment or rule of law in the United Kingdom, and

(b)     either—