(1) The following provisions of FSMA 2000 apply in relation to a requirement imposed by or under the provisions of Parts 2, 4, 5 and 6 to 12 of the 1974 Act ("a relevant requirement") with the modifications specified.

(2) Section 1L (supervision, monitoring and enforcement) [Inserted by the Financial Services Act 2012, section 6.] applies as if -

(a) in subsection (1) the reference to "supervising authorised persons" included a reference to determining whether authorised persons are complying with relevant requirements;

(b) in subsection (2), the reference to requirements imposed by or under FSMA 2000 in a case where the FCA is the appropriate regulator for the purposes of Part 14 of FSMA 2000 (disciplinary measures) [Part 14 was amended by the Financial Services Act 2010 (c.28), sections 9, 10 and Schedule 2, paragraphs 1, 13, 18, 19 and 20 and the Financial Services Act 2012, Schedule 9, paragraphs 1, and 10 to 18.] included a reference to relevant requirements.