(1) Omit regulation 5.
(2) In regulation 6 -
(a) in paragraph (3)(c) -
(i) for paragraph (i), substitute -
"(i) an investment firm which -
(aa) has a Part 4A permission to carry on regulated activities relating to investment services and activities; or
(bb) is authorised in accordance with the markets in financial instruments directive;";
(ii) for paragraph (ii), substitute -
"(ii) a credit institution which -
(aa) has a Part 4A permission to carry on the regulated activity of accepting deposits and falls within paragraph (3A); or
(bb) is authorised in accordance with Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and investment firms;";
(iii) in paragraph (iv), after "the law of" insert "the United Kingdom or of";
(iv) in paragraph (v), after "dealt in on" insert "a UK regulated market or";
(b) after paragraph (3), insert -
"(3A) A credit institution falls within this paragraph if -
(a) it has it