(1) Article 11 is amended as follows.

(2) In paragraph 5, for "same Member State" substitute "United Kingdom".

(3) Omit paragraphs 6 and 7;

(4) In paragraph 8, for "Union", in both places where it appears, substitute "United Kingdom".

(5) In paragraph 9, in the first sub-paragraph, for "Union" substitute "United Kingdom".

(6) Omit paragraph 10.

(7) Omit the second sub-paragraph of paragraph 11.

(8) In paragraph 12, for "Union" in both places where it appears, "United Kingdom".

(9) For paragraph 13 substitute -

"13. The Bank of England shall regularly monitor the activity in derivatives not eligible for clearing in order to identify cases where a particular class of derivatives may pose systemic risk. The FCA and the PRA shall regularly monitor the activity in derivatives not eligible for clearing in order to prevent regulatory arbitrage between cleared and non-cleared derivative transactions.

In particular -

(a) the Bank of England shall -

(i) take action in accordance with paragraph 3 of Article 5; and

(ii) review the technical standards on margin requirements laid down in Article 41;