(1) In regulation 33 -

(a) in paragraph (2) -

(i) in the opening words, for "an EEA state" substitute "a third country";

(ii) for paragraph (a), substitute -

"(a) the entity is -

(i) subject to requirements in national legislation having an equivalent effect to those laid down in the fourth money laundering directive on an obliged entity (within the meaning of that directive); and

(ii) supervised for compliance with those requirements in a manner equivalent to section 2 of Chapter VI of the fourth money laundering directive;";

(iii) in paragraph (b), after "under" insert "requirements equivalent to those laid down in";

(b) omit paragraph (8).

(2) In regulation 37 -

(a) in paragraph (3) -

(i) in sub-paragraph (a) -

(aa) for paragraph (iii)(aa), substitute -