(1) Article 26 (non-significant benchmarks) is amended as follows.

(2) In paragraphs 2 and 3, for "its competent authority" substitute "the FCA".

(3) In paragraph 4 -

(a) in the first sentence, for "relevant competent authority" substitute "FCA";

(b) in the second sentence -

(i) for "competent authority" substitute "FCA";

(ii) for "Article 41" substitute "any United Kingdom legislation which was relied on by the United Kingdom before IP completion day to implement Article 41 of the EU Benchmarks Regulation".

(4) In paragraph 5 -

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

(b) omit the second and third subparagraphs.