(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.