Regulation 29 Recognition of an administrator located in a third country

(1)

Article 32 (recognition of an administrator located in a third country) is amended as follows.

(2)

In paragraph 1—

(a)

for the words from “an equivalence” to “adopted” substitute “regulations are made in accordance with Article 30(2) or (3)”;

(b)

for “Union” substitute “United Kingdom”;

(c)

for “competent authority of its Member State of reference” substitute “FCA”.

(3)

In paragraph 2, in the second subparagraph, for “competent authority of the Member State of reference” substitute “FCA”.

(4)

In paragraph 3—

(a)

for “its Member State of reference” substitute “the United Kingdom”;

(b)

for “Union”, both times it occurs, substitute “United Kingdom”;

(c)

for “competent authority of the Member State of reference” substitute “FCA”.

(5)

Omit paragraph 4.

(6)

In paragraph 5—

(a)

in the first subparagraph—

(i)

for “competent authority of its Member State of reference” substitute “FCA”;

(ii)

for “satisfy the competent authority” substitute “satisfy the FCA”;

(iii)

for “Union” substitute “United Kingdom”;

(b)

in the second subparagraph—

(i)

for “competent authority” substitute “FCA”;

(ii)

for “2, 3 and 4” substitute “2 and 3”;

(c)

in the third subparagraph—

(i)

in the first sentence—

(aa)

for “competent authority” substitute “FCA”;

(bb)

for “2, 3 and 4” substitute “2 and 3”;

(ii)

in point (a)—

(aa)

for “competent authority of the Member State of reference” substitute “FCA”;

(bb)

for “regulatory technical standards adopted” substitute “technical standards made”;

(cc)

for “allows the competent authority” substitute “allows the FCA”;

(iii)

in point (b), for “competent authority” substitute “FCA”.

(7)

Omit paragraphs 6 and 7.

(8)

In paragraph 8, for “competent authority of the Member State of reference” substitute “FCA”.

(9)

In paragraph 9—

(a)

in the first subparagraph—

(i)

for “ESMA may develop draft regulatory” substitute “The FCA may make”;

(ii)

omit the words from “and, in particular,” to the end;

(b)

omit the second and third subparagraphs.