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REC 6.8 Powers of direction and revocation of recognition orders

REC 6.8.1GRP

The FSA has similar powers to supervise overseas recognised bodies to those it has to supervise UK recognised bodies. It may (in addition to any other powers it might exercise):

  1. (1)

    give directions to an overseas recognised body under section 296 of the Act (Authority's power to give directions) if it has failed, or is likely to fail, to satisfy the recognition requirements or if it has failed to comply with any other obligation imposed by or under the Act; or

  2. (2)

    revoke a recognition order under section 297 of the Act (Revoking recognition) if an overseas recognised body is failing, or has failed, to comply with the recognition requirements or any other obligation in or under the Act.

REC 6.8.2GRP

The FSA will follow the approach in REC 4.6, REC 4.7 and REC 4.8 if it is considering exercising these powers in relation to an overseas recognised body.