Regulation 25 Article 25p

In Article 25p—

(a)

for the opening words in the first subparagraph of paragraph 1 substitute—

“1.

The Bank of England may withdraw a recognition decision adopted in accordance with Article 25 where:”;

(b)

in paragraph 1, in the first subparagraph—

(i)

in point (c)—

(aa)

for “ESMA” substitute “the Bank of England”;

(bb)

omit “within an appropriately set timeframe of up to a maximum of six months”;

(ii)

in point (d), in each place where it occurs, for “ESMA” substitute “the Bank of England”;

(iii)

in point (e) substitute—

“(e)
the regulations made under Article 25(6) have been revoked, or the conditions specified in the regulations are no longer satisfied.”;

(c)

in paragraph 1, in the second subparagraph, for “ESMA” substitute “The Bank of England”;

(d)

in paragraph 1, in the third subparagraph, for “ESMA” substitute “the Bank of England”;

(e)

in paragraph 2—

(i)

for the first subparagraph—

(aa)

for “ESMA” substitute “the Bank of England”;

(bb)

for the words from “measures under points (a),” to the end, substitute “disciplinary measures in accordance with Chapter 3B of Part 18 of the Financial Services and Markets Act 2000”;

(ii)

for the second subparagraph, substitute—

“If the Bank of England determines that remedial action has not been taken or that the action taken is not appropriate, the Bank of England shall withdraw the recognition decision.”;

(f)

in paragraph 3, for “ESMA” substitute “The Bank of England”;

(g)

omit paragraph 4.