(1) Article 34 (authorisation and registration of an administrator) is amended as follows.

(2) In paragraph 1, in the opening words -

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

(b) for the words from "competent" to "located" substitute "FCA".

(3) In paragraphs 2 and 4, for "competent authority" substitute "FCA".

(4) In paragraph 5, for "relevant competent authority", both times it occurs, substitute "FCA".

(5) In paragraph 6 -

(a) in the opening words, for "relevant competent authority" substitute "FCA";

(b) in the second subparagraph, for "competent authority", both times it occurs, substitute "FCA".

(6) Omit paragraph 7.

(7) In paragraph 8 -

(a) in the first subparagraph--