(a) in paragraph 1, for "Competent authorities shall be able to" substitute "The FCA may";
(b) in paragraph 3 -
(i) in the first subparagraph, in point (c) -
(aa) for "or Directive 2014/65/EU" substitute "Commission Delegated Regulation (EU) 2017/565 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that directive, the Markets in Financial Instruments Regulations 2017 or rules or relevant technical standards made by the FCA";
(bb) for "competent authority" substitute "FCA";
(cc) insert at the end "(and for these purposes, "relevant technical standards" mean technical standards made by the FCA under this Regulation)";
(ii) in the second sub-paragraph, for "a competent authority" and "that competent authority" in each case substitute "the FCA";
(c) for paragraph 4, substitute -
"4. The FCA must monitor the applic