(1) Regulation 30 is amended as follows.
(2) In paragraph (1) -
(a) in paragraph (a), for "M's home Member State is" substitute "M is established in";
(b) for sub-paragraph (b), substitute -
"(b) M falls within paragraph (1A); and";
(c) in sub-paragraph (c), for "for the purposes of the directive" substitute "to carry on a regulated activity which is any of the investment services and activities".
(3) After paragraph (1), insert -
"(1A) M falls within this paragraph if M is -
(a) the society incorporated by Lloyd's Act 1871 [1871 c.xxi.] known by the name of Lloyd's;
(b) an authorised person with a Part 4A permission to carry on the regulated activity of -
(i) effecting or carrying out contracts of insurance under article 10 of the Regulated Activities Order;
(ii) insurance risk transformation under article 13A of the Regulated Activities Order;
(iii) managing the underwriting capacity of a Lloyd's syndicate under article 57 of the Regulated Activities Order,
when carrying on thos