(1) Section 55J [Relevant amending instruments are S.I. 2013/1773, S.I. 2013/3115, S.I. 2015/910, S.I. 2015/1882 and S.I. 2016/680.] (variation or cancellation on initiative of regulator) is amended as follows.

(2) In subsection (6A) -

(a) in paragraph (c) -

(i) for the words from "provide" to "managers directive" substitute "carry on the management of portfolios of investments in accordance with mandates given by investors on a discretionary, and client-by-client, basis";

(ii) for "the capital requirements directive" substitute "any enactment (as amended from time to time) that immediately before IP completion day implemented provisions of the capital requirements directive";

(b) in paragraph (e) -

(i) for sub-paragraph (i) substitute -

"(i) an AIFMD requirement;";

(ii) omit sub-paragraphs (ii) and (iii);

(iii) for sub-paragraph (iv), including the "or" at the end, substitute -

"(iv) an ELTIF requirement; or";

(iv) for sub-paragraph (v) substitute -

"(v) an MMF requirement.".