14.—(1) Article 16 (governance and control requirements for supervised contributors) is amended as follows.
(2) In paragraph 4, for “relevant competent authority” substitute “ FCA ”.
(3) In paragraph 5—
(a)in the first subparagraph, for “ESMA shall develop draft regulatory” substitute “ The FCA may make ”;
(b)in the second subparagraph—
(i)in the first sentence, for “ESMA” substitute “ The FCA ”;
(ii)in the second sentence, omit “ESMA draft regulatory”;
(c)omit the third and fourth subparagraphs.
(4) Omit paragraph 6.
Commencement Information
I1Reg. 14 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)