Regulation 36 Colleges

(1)

Article 46 (colleges) is amended as follows.

(2)

For the heading substitute “Cessation of a critical benchmark in certain circumstances”.

(3)

Omit paragraphs 1 to 7.

(4)

In paragraph 8—

(a)

omit the first two subparagraphs;

(b)

in the third subparagraph—

(i)

before “benchmark”, where first occurring, insert “critical”;

(ii)

for the words from “Union” to “college” substitute “United Kingdom, within the meaning specified in Commission Delegated Regulation (EU) 2018/67 or regulations made by the Treasury under Article 51(6), the FCA”.

(5)

Omit paragraphs 9 to 11.