In regulation 34, in paragraph (1) -
(a) in sub-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) of regulation 30; 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".