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