Regulation 56 Section 191G (interpretation of Part 12)I1

omit the definition of “credit institution”M2;

in the definition of “UK authorised person”, in paragraph (b), after “Schedule 5” insert “ , or a person treated as having a Part 4A permission to carry on a regulated activity by virtue of regulation 71 of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 ”M3 .

in the appropriate place, insert—

““qualifying credit institution” includes a credit institution which is authorised under the law of Gibraltar relied on immediately before IP completion day to implement the capital requirements directive.”