(1) Article 25 (exemptions from specific requirements for significant benchmarks) is amended as follows.

(2) In paragraph 2, for "the competent authority" substitute "the FCA".

(3) In paragraph 3 -

(a) for "A competent authority" substitute "The FCA";

(b) for "the competent authority" substitute "the FCA".

(4) In paragraph 4, for "the competent authority", both times if occurs, substitute "the FCA".

(5) In paragraphs 5 and 6, for "a competent authority" substitute "the FCA".

(6) In paragraph 8 -

(a) in the first subparagraph, for "ESMA shall develop draft implementing" substitute "The FCA may make";

(b) omit the second and third subparagraphs.

(7) In paragraph 9 -