(1) Article 32 (recognition of an administrator located in a third country) is amended as follows.

(2) In paragraph 1 -

(a) for the words from "an equivalence" to "adopted" substitute "regulations are made in accordance with Article 30(2) or (3)";

(b) for "Union" substitute "United Kingdom";

(c) for "competent authority of its Member State of reference" substitute "FCA".

(3) In paragraph 2, in the second subparagraph, for "competent authority of the Member State of reference" substitute "FCA".

(4) In paragraph 3 -

(a) for "its Member State of reference" substitute "the United Kingdom";

(b) for "Union", both times it occurs, substitute "United Kingdom";

(c) for "competent authority of the Member State of reference" substitute "FCA".

(5) Omit paragraph 4.

(6) In paragraph 5 -

(a) in the first subparagraph -