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Paragraph 3

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Subsection (3) of section 156B of the Act shall not apply to a European institution carrying on home-regulated investment business in the United Kingdom which contravenes subsection (1) of that section, but it shall be treated for all purposes—

(a)

if it is not a member of a recognised self-regulating organisation, as having contravened rules made under Chapter V of Part I of the Act; or

(b)

if it is a member of a recognised self-regulating organisation, as having contravened the rules of that organisation