(1) The appropriate regulator (and, in the case of an EU Regulation specified in Part 4 or 5 of the Schedule, either appropriate regulator) may by an instrument in writing make such provision as the regulator considers appropriate to prevent, remedy or mitigate -

(a) any failure of the specified EU Regulations or of EU-derived provisions to operate effectively, or

(b) any other deficiency in the specified EU Regulations or EU-derived provisions, arising from the withdrawal of the United Kingdom from the EU.

(2) Where the PRA and the FCA, or the FCA and the Bank of England are the appropriate regulator in relation to an EU Regulation neither may make an EU Exit instrument which amends that EU Regulation unless -

(a) the other regulator has been consulted on the proposal to divide the EU Regulation into two parts in accordance with regulation 4(6); or

(b) if the EU Regulation is not being divided, the other regulator consents to any amendments being made.