A recognised body shall give the appropriate regulator at least three months notice of any proposal to amend, revoke or add to its default rules; and the regulator may within three months from receipt of the notice direct the recognised body not to proceed with the proposal, in whole or in part.
The appropriate regulator may, if it considers it appropriate to do so, agree a shorter period of notice and, in a case where it does so, any direction under this section must be given by it within that shorter period.
A direction under this section may be varied or revoked.
Any amendment or revocation of, or addition to, the default rules of a recognised body in breach of a direction under this section is ineffective.
The appropriate regulator"—
in relation to a recognised UK investment exchange, means the FCA, and
in relation to a recognised clearing house or a recognised CSD, means the Bank of England.