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Regulation 48 Regulation 20 (exemption for small and medium-sized investment firms)

Original text. Later amendments are not shown.

In regulation 20 (exemption for small and medium-sized investment firms)—

(a)

in paragraph (1), for “small or medium-sized investment firm, or small or medium-sized investment firms of a specified description,” substitute “SME”;

(b)

in paragraph (2)(a), for “small and medium-sized investment firms” substitute “SMEs”;

(c)

omit paragraph (3).