In Article 25 -

(a) in paragraph 1, for "territory of the Union" substitute "United Kingdom";

(b) for paragraph 2, substitute -

"2. Notwithstanding paragraph 1, a third-country CSD that intends to provide the core services referred to in points (1) and (2) of Section A of the Annex in relation to financial instruments constituted under the law applicable within the United Kingdom or any part of the United Kingdom or to set up a branch in the United Kingdom is subject to the procedure referred to in paragraphs 4 to 11 of this Article.";

(c) in paragraph 3, omit "established and authorised in the Union";

(d) in paragraph 4 -

(i) for "ESMA" substitute "the competent authority" each time it occurs;

(ii) in point (a), for "the Commission has adopted a decision" substitute "the Treasury has made regulations";

(iii) for point (d), substitute -

"(d) where relevant, the third-country CSD takes the necessary measures to allow its users to comply with the relevant law applicable within the United Kingdom or any part of the United Kingdom and the adequacy of those measures has been confirmed by the competent authority.";

(e) in paragraph 5 -

(i) for "ESMA" substitute "the competent authority";