(1) In regulation 32 -
(a) in paragraph (2) -
(i) in sub-paragraph (a), for "M's home Member State is" substitute "M is established in";
(ii) for sub-paragraph (b), substitute -
"(b) M falls within paragraph (1A) of regulation 30; and";
(iii) 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";
(b) in paragraph (3), for "relevant United Kingdom national regime" substitute "law of the United Kingdom";
(c) in paragraph (7), for "markets in financial instruments directive" substitute "UK law on markets in financial instruments";
(d) in paragraph (8) -
(i) at the end of sub-paragraph (a), omit "and";
(ii) omit sub-paragraph (b);
(e) in paragraph (10), for "relevant United Kingdom national regime" substitute "law of the United Kingdom";
(f) after paragraph (10) insert -
"(11) References to "UK law on markets in financial instruments" are to the law of the United Kingdom which