In Article 14 -

(a) in paragraph (1) -

(i) for "Article 69 of Directive 2009/65/EC" substitute "section 4.2.2 of the Collective Investment Schemes sourcebook";

(ii) for "Article 23(1) and (3) of Directive 2011/61/EU" substitute "section 3.2.2 of the Investment Funds sourcebook";

(b) in paragraph (3) -

(i) in the first subparagraph, for "Directives 2009/65/EC and 2011/61/EU, develop draft regulatory" substitute "the UK law in relation to collective investment undertakings, make";

(ii) omit the third subparagraph.