Regulation 7 Oversight function requirements

(1)

Article 5 (oversight function requirements) is amended as follows.

(2)

In paragraphs 2 and 3(i), for “relevant competent authorities” substitute “FCA”.

(3)

In paragraph 5—

(a)

in the first subparagraph—

(i)

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

(ii)

the words from “the procedures regarding” to the end of the first sentence become point (a);

(iii)

the second sentence becomes point (b);

(iv)

in point (b), omit “In particular, ESMA shall develop”;

(b)

in the second subparagraph—

(i)

for “ESMA”, where it first occurs, substitute “The technical standards”;

(ii)

before “shall take into” insert “when making the standards, the FCA”;

(iii)

omit “ESMA draft regulatory”;

(c)

omit the third and fourth subparagraphs.

(4)

Omit paragraph 6.