(1) In regulation 9 -

(a) omit paragraph (2);

(b) in paragraph (5) -

(i) for "paragraphs (2) and (3)" substitute "paragraph (3)";

(ii) omit sub-paragraph (a).

(2) In regulation 10 -

(a) in paragraph (1)(b), for "an EEA state" substitute "the United Kingdom";

(b) for paragraph (2)(b), substitute -

"(b) an authorised person (within the meaning of section 31 of FSMA), who has permission under Part 4A of FSMA to carry out or effect contracts of insurance, when carrying out or effecting any contract of long-term insurance (an "insurance undertaking");";

(c) in paragraph (2)(c) -

(i) for "a person falling within Article 2 of the markets in financial instruments directive" substitute "a person falling within one of the exclusions to the definition of "investment firm" in article 3(1) of the Regulated Activities Order";