(1) In Article 14 -
(a) in paragraph 5, for "Union" substitute "relevant area";
(b) after paragraph 5, insert -
"5A. For the purposes of this Article -
(a) "the relevant area" consists of the United Kingdom and those countries or regions specified by the FCA by direction in accordance with Article 50B;
(b) the FCA may only give a direction under point (a) specifying that a country or region is within the relevant area in relation to one or more financial instruments for the purposes of this Article if the FCA is able to obtain sufficient reliable trading data to enable it to assess total orders executed in the financial instruments concerned in that country or region.";
(c) in paragraph 6 -
(i) insert at the beginning, "Unless paragraph 6A applies";
(ii) for "The competent authority" substitute "The FCA";
(iii) omit the words from "of the most relevant market" to "other similar financial instrument";
(iv) for "that financial instrument" substitute "each share, depositary receipt,