Regulation 3 Amendment of regulation 2 of the principal Regulations

for paragraph (2) substitute—

“(2)

In relation to an application which, by virtue of paragraph (1) or regulation 3(4). has been made to the Secretary of State—

(a)

regulations 6(c) and 7 do not apply; and

(b)

in Schedule 1—

(i)

the condition specified in paragraph 1(a) does not apply, and

(ii)

paragraph 1(b) applies as if for “5,000” there were substituted “4,000”.”; and

for paragraph (4) substitute—

“(4)

In relation to any fund-holding practice whose recognition has been granted by the Secretary of State—

(a)

regulations 14(4)(c)(i) and (5)(c)(i), 16(c)(i), 17 and 25(5)(c) and (6) do not apply; and

(b)

in Schedule 2—

(i)

the condition specified in paragraph 1(a) does not apply,

(ii)

paragraph 1 applies as if for “5,000” in both places and there were substituted “4,000” and as if the words “3,000 or, as the case may be,” were omitted, and

(iii)

paragraph 2(b) applies as if for “5,000”, there were substituted “4,000”.”.