(1) In Article 37 -

(a) in paragraph 2, after "other CSDs" insert ", third-country CSDs";

(b) in paragraph 4 -

(i) in the first sub-paragraph, for the words from the beginning to "develop draft" substitute "The Bank of England may make";

(ii) omit the second and third sub-paragraphs.

(2) In Article 38, in paragraph 5, omit the second sub-paragraph.

(3) In Article 39 -

(a) in paragraph 1 -

(i) for "Member States" substitute "The competent authority";

(ii) for "point (a) of Article 2 of Directive 98/26/EC" substitute "regulation 4 of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999";

(b) in paragraph 2, for "Articles 3 and 5 of Directive 98/26/EC" substitute "regulation 20 of, and paragraph 5 of the Schedule to, the Financial Markets and Insolvency (Settlement Finality) Regulations 1999[Regulation 20 was amended by S.I. 2010/2993 and S.I. 2013/504. Paragraph 5 of the Schedule was amended by S.I. 2010/2993.]".

(4) In Article 41, omit paragraph 4.