14(1)Section 296 (power to give directions) is amended as follows.U.K.
(2)In subsection (1), for “the Authority” substitute “ the appropriate regulator ”.
(3)In subsection (1A)—
(a)for the words from “in the case of a recognised body which is a recognised investment” to “the body” substitute “ if it appears to the appropriate regulator that a recognised body ”, and
(b)for the words from “directly applicable” to the end substitute “ directly applicable EU regulation specified (or of a description specified) in an order made by the Treasury ”.
(4)In subsection (2), for “The Authority” substitute “ The regulator concerned ”.
(5)In subsection (2A)—
(a)in the opening words, for “a recognised investment exchange other than an overseas investment exchange” substitute “ a recognised body other than an overseas investment exchange or overseas clearing house ”,
(b)in paragraph (a)—
(i)for “the Authority”, in both places, substitute “ the regulator concerned ”, and
(ii)for “the exchange” substitute “ the body ”, and
(c)in paragraph (b), for “the exchange” substitute “ the body ”.
(6)In subsection (3), for “the Authority” substitute “ the regulator concerned ”.
(7)In subsection (4), for “the Authority” substitute “ an appropriate regulator ”.
(8)In the heading, for “Authority's” substitute “Appropriate regulator's”.
Commencement Information
I1Sch. 8 para. 14 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3
I2Sch. 8 para. 14 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2
I3Sch. 8 para. 14 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.