Regulation 50

1. Prior to the day on which section 19 of the 2000 Act comes into force, each provision of these Regulations specified in this Schedule shall have effect modified as provided in this Schedule.

2. The definition of "securities" in regulation 3(1) shall be modified by the substitution of the words "the 1986 Act" for the words "section 235 of the 2000 Act".

3. Regulation 5 shall be modified by the substitution for paragraph (4) of -

"(4) Where the Treasury refuse an application for approval they shall give the applicant a written notice to that effect stating the reasons for the refusal.".

4. Regulation 7 shall be modified by -

(a) the insertion in paragraph (2) of the words "subject to paragraph (3)" after the words "they may"; and

(b) the substitution for paragraphs (3) to (6) of -

"(3) Subsections (2) to (7) and (9) of section 11 of the 1986 Act shall apply in relation to the withdrawal by the Treasury of approval from an Operator under paragraph (2) as they apply in relation to the revocation by the Secretary of State of a recognition order under subsection (1) of that section; and in those subsections as they so apply -