134. Revoking recognition

(1) A recognition order in respect of a Recognised Investment Exchange or in respect of a Recognised Clearing House may be revoked by an order made by the Regulator at the request, or with the consent, of the Recognised Body concerned.
(2) If it appears to the Regulator that a Recognised Body —
(a) is failing, or has failed, to satisfy the Recognition Requirements; or
(b) is failing, or has failed, to comply with any other obligation imposed on it by or under these Regulations;
it may make an order revoking the recognition order for that body.
(3) If it appears to the Regulator that a Recognised Body —
(a) has not carried on the business of an investment exchange or (as the case may be) of a clearing house during the period of 12 months beginning with the day on which the recognition order took effect in relation to it; or
(b) has not carried on the business of an investment exchange or (as the case may be) of a clearing house at any time during the period of six months ending with the Relevant Day;
it may make an order revoking the recognition order for that body.
(4) Subsection (3) does not apply to a Non-Abu Dhabi Global Market Investment Exchange or Non-Abu Dhabi Global Market Clearing House.
(5) An order under this section (a "Revocation Order") must specify the date on which it is to take effect.
(6) In the case of a Revocation Order made under subsection (2) or (3), the specified date must not be earlier than the end of the period of three months beginning with the day on which the order is made.
(7) A Revocation Order may contain such transitional provisions as the Regulator thinks necessary or expedient.