(1) Article 1 is amended as follows.
(2) In paragraph 1 -
(a) omit point (d);
(b) in point (e) -
(i) omit ", ESMA and EBA";
(ii) for "of ESMA" substitute "of the competent authority";
(c) in point (f), for "Commission" substitute "Treasury".
(3) For paragraph 2, substitute -
"2. This Regulation applies to -
(a) investment firms and credit institutions which have their head office in the United Kingdom which -
(i) (subject to paragraphs 2A and 2C) have permission under Part 4A of FSMA to carry on regulated activities relating to investment services and activities in the United Kingdom, when those firms or institutions are providing investment services or performing investment activities; and
(ii) would require authorisation under Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments [OJ L173, 12.6.2014, p.349.] (in the case of investment firms) or Directive 2013/36/EU of the European Parliament and of the Council on access to the act