(1) The Act is amended as follows.

(2) In section 55G(3)(a) [Section 55G was inserted by section 11 of the Financial Services Act 2012.] (giving permission: special cases), for "section 285(2) or (3)" substitute "any of subsections (2) to (3C) of section 285".

(3) In section 285 [Section 285 was amended by section 28 of the Financial Services Act 2012.] (exemption for recognised investment exchanges and clearing houses) -

(a) in subsection (1), for paragraph (b) and the "and" immediately before it substitute -

"(b) "recognised clearing house" means -

(i) a central counterparty in relation to which a recognition order is in force (in this Part referred to as a "recognised central counterparty"), or

(ii) a clearing house which provides clearing services in the United Kingdom without doing so as a central counterparty, and in relation to which a recognition order is in force;

(c) "EEA central counterparty" means a person established in an EEA State other than the United Kingdom who has been authorised by the competent authority of that State as a central counterparty pursuant to Article 17 of the EMIR regulation; and