In Article 48 (professional secrecy) -

(a) in paragraph 2, for "competent authority", each time it occurs, substitute "FCA";

(b) in paragraph 3, for "Union or national law" substitute "the law of the United Kingdom or any part of the United Kingdom";

(c) in paragraph 4 -

(i) for "exchanged between the competent authorities under this Regulation" substitute "exchanged between the FCA and competent authorities";

(ii) for "competent authority" substitute "authority from whom the information is received".