(1) Section 192C [Section 192C was inserted by section 27 of the Financial Services Act 2012.] (power to direct qualifying parent undertaking) is amended as follows.

(2) In subsection (3)(a), for "in pursuance of any of the directives mentioned in section 3M(3)" substitute -

"in pursuance of -

(i) any implementing provision contained in subordinate legislation (within the meaning of the Interpretation Act 1978) made otherwise than by any of the following -

(aa) statutory instrument, and

(bb) statutory rule for the purposes of the Statutory Rules (Northern Ireland) Order 1979 (S.I. 1979/1573 (N.I. 12)); or

(ii) any other implementing provision (as amended from time to time)".

(3) For subsection (4) substitute -

"(4) In subsection (3) (a) -

"consolidated supervision" includes supplemental supervision;

"implementing provision" has the same meaning as in section 3M.".