Paragraph 11

After paragraph (1) of regulation 2 of the Investment Services Regulations 1995^f1 (interpretation: general) there shall be inserted the following paragraph—

“(2B)

Any reference in these Regulations to the First Council Directive or the Second Council Directive is a reference to that Directive as amended by the Prudential Supervision Directive (within the meaning of the Financial Institutions (Prudential Supervision) Regulations 1996).”