[312B Removal of passport rights from EEA market operator]
[312B Removal of passport rights from EEA market operator]

[(1)     The [FCA] may prohibit an EEA market operator from making or, as the case may be, continuing arrangements in the United Kingdom, in pursuance of the applicable provision, to facilitate access to, or use of, a [trading venue] operated by the operator if—

(a)     the [FCA] has clear and demonstrable grounds for believing that the operator has contravened a relevant requirement, and

(b)     the [FCA] has first complied with subsections (3) to (9).

(2)     A requirement is relevant if it is imposed—

(a)     by the operator's home state regulator in the implementation of the markets in financial instruments directive or any [EU] legislation made under that directive;

(b)     by provision implementing that directive, or any [EU] legislation made under it, in the operator's home state; . . .

[(c)     by the markets in financial instruments regulation; or

(d)     by any directly applicable EU regulation made under that directive or that regulation].

(3)     The [FCA] must notify the operator and its home state regulator of its finding under subsection (1)(a).

(4)     The notice to the home state regulator under subsection (3) must—

(a)     request that the home state regulator take all appropriate measures for the purpose of ensuring that the operator puts an end to the contravention; and