Regulation 11 Transparency of methodology

(1)

Article 13 (transparency of methodology) is amended as follows.

(2)

In paragraph 3—

(a)

in the first subparagraph—

(i)

in the first sentence, for “ESMA shall develop draft regulatory” substitute “The FCA may make”;

(ii)

in the second sentence, for “ESMA” substitute “The FCA”;

(iii)

in the third sentence, omit “ESMA draft regulatory”;

(b)

omit the second and third subparagraphs.

(3)

Omit paragraph 4.