(1) The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001 [S.I. 2001/995.] are amended as follows.

(2) In regulation 3 -

(a) in paragraph (1) [In regulation 3(1), the definitions of "central counterparty", "clearing" and "settlement" were inserted by S.I. 2006/3386.] -

(i) omit -

""central counterparty", "clearing" and "settlement" have the same meaning as in the markets in financial instruments directive;";

(ii) in the definition of "exempt activities" for "section 285(2) or (3)" substitute "any of subsections (2) to (3A) of section 285";

(iii) insert in the appropriate place -

""settlement" has the same meaning as in the markets in financial instruments directive;";

(b) after paragraph (1) insert -