(1) Article 13 (transparency of methodology) is amended as follows.

(1A) In paragraph 2a, for "The Commission is empowered to adopt delegated acts in accordance with Article 49" substitute "The Treasury may make regulations".

(2) In paragraph 3 -

(a) in the first subparagraph -

(i) in the first sentence, for "ESMA shall develop draft regulatory" substitute "The FCA may make";

(ii) in the second sentence, for "ESMA" substitute "The FCA";

(iii) in the third sentence, omit "ESMA draft regulatory";

(b) omit the second and third subparagraphs.

(3) Omit paragraph 4.