Regulation 46(1)

1. FSMA is amended as follows.

2. In section 1H(8) (further interpretative provisions for sections 1B to 1G) [Section 1H was inserted by the Financial Services Act 2012 c.21, section 6. There are amendments to this section but none is relevant.], in the definition of "credit institution", for "banking consolidation directive" substitute "capital requirements directive".

3. In section 3M (directions relating to consolidated supervision of groups) [Section 3M was inserted by the Financial Services Act 2012, section 6.], in subsection (3) -

(a) in paragraph (a) for "banking consolidation directive" substitute "capital requirements directive" and

(b) omit paragraph (c).

4. In section 39(8) (exemption of appointed representatives) [Section 39 was amended by the Financial Services Act 2012, sections 10 and 114 and Schedule 18 paragraphs 1 and 5.] for "banking consolidation directive" substitute "capital requirements directive".