(1) In paragraph 1 of Schedule 1, for the definition of "senior management" substitute -
""senior management" means natural persons who exercise executive functions within an investment firm, a market operator or a data reporting services provider and who are responsible, and accountable to the management body, for the day-to-day management of the entity, including for the implementation of the policies concerning the distribution of services and products to clients by the firm and its personnel.".
(2) In paragraph 2 -
(a) for the heading, substitute "retained EU law";
(b) in sub-paragraph (1)(a), for "directly applicable EU regulation" substitute "retained EU law";
(c) in sub-paragraph (2), for "directly applicable EU regulation" substitute "retained EU law".
(3) In paragraph 6 -
(a) in sub-paragraph (1) -
(i) at the end of paragraph (a), insert "and";
(ii) at the end of paragraph (b), omit "and";
(iii) omit paragraph (c);
(b) in sub-paragraph (2) -
(i) at the end of paragraph (a