(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 -
"(1A) In Part 1 of the Schedule, in paragraph 21A in Part 3 of the Schedule [Paragraph 21A of the Schedule was inserted by S.I. 2006/3386.] and in paragraph 31 in Part 5 of the Schedule, "clearing" has the same
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