PART 2Amendment of subordinate legislation

Amendment of the Central Securities Depositories Regulations 20173.

(1)

The Central Securities Depositories Regulations 2017 M1 are amended as follows.

(2)

In regulation 7—

(a)

in paragraph (2)(a), for “directly applicable EU regulation” substitute “ retained EU law ”;

(b)

in paragraph (5)(b), for “directly applicable EU regulation” substitute “ retained EU law ”.

(3)

In regulation 8—

(a)

omit paragraph (2);

(b)

in paragraph (3)—

(i)

for “an EEA State” substitute “ the United Kingdom ”;

(ii)

for “69(3)” substitute “ 69(1) ” each time it occurs;

(c)

in paragraph (5), at the end, insert “ or which immediately before F1IP completion day was authorised under Article 16 of the CSD regulation ”.