(1) Article 49 is amended as follows.

(2) In paragraph 1 -

(a) (a) for "its competent authority and ESMA" substitute "the Bank of England";

(b) for "their" substitute "its";

(ba) omit "1b, 1c,"

(c) omit from "The adopted models" to the end of the paragraph;

(3) In paragraph 4 -

(a) for the words from the beginning to "regulatory" where it first appears substitute "The Bank of England may make";

(b) omit from "ESMA shall submit" to the end of the paragraph.