Governance and control requirements for supervised contributors
This section has no associated Explanatory Memorandum
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.