(1) Article 46 (colleges) is amended as follows.
(2) For the heading substitute "Cessation of a critical benchmark in certain circumstances".
(3) Omit paragraphs 1 to 7.
(4) In paragraph 8 -
(a) omit the first two subparagraphs;
(b) in the third subparagraph -
(i) before "benchmark", where first occurring, insert "critical";
(ii) for the words from "Union" to "college" substitute "United Kingdom, within the meaning specified in Commission Delegated Regulation (EU) 2018/67 or regulations made by the Treasury under Article 51(6), the FCA".
(5) Omit paragraphs 9 to 11.