(1) The Financial Services and Markets Act 2000 (Exemption) Order 2001 [S.I. 2001/1201.] is amended as follows.

(2) In article 2, omit the definition of "credit institution" [The definition of "credit institution" was inserted by S.I. 2007/125.] and insert in the appropriate place - ""qualifying credit institution" has the meaning given by article 3 of the Regulated Activities Order [S.I. 2001/544, as amended by the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632).];"

(3) In the Schedule in paragraph 40(3) [Sub-paragraph (3) was inserted by S.I. 2007/125. There are amendments to this sub-paragraph but none is relevant.], for "credit institution" substitute "qualifying credit institution".