PART 3Amendment of retained direct EU legislation

I116

1

In Article 37—

a

in paragraph 2, after “other CSDs” insert “ , third-country CSDs ”;

b

in paragraph 4—

i

in the first sub-paragraph, for the words from the beginning to “develop draft” substitute “ The Bank of England may make ”;

ii

omit the second and third sub-paragraphs.

2

In Article 38, in paragraph 5, omit the second sub-paragraph.

3

In Article 39—

a

in paragraph 1—

i

for “Member States” substitute “ The competent authority ”;

ii

for “point (a) of Article 2 of Directive 98/26/EC” substitute “ regulation 4 of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 ”;

b

in paragraph 2, for “Articles 3 and 5 of Directive 98/26/EC” substitute “ regulation 20 of, and paragraph 5 of the Schedule to, the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 M1 ”.

4

In Article 41, omit paragraph 4.