(1) The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 [S.I. 2018/135.] are amended as follows.

(2) In regulation 2 -

(a) in paragraph (1), for the definition of "third country" substitute -

""third country" means a country other than the United Kingdom.";

(b) in paragraph (2), at the end of the definition of "senior management" insert "as it had effect immediately before IP completion day".

(3) For the heading to regulation 3, substitute "Retained direct EU legislation".

(4) In regulation 3, for "directly applicable EU regulation" substitute "retained direct EU legislation".

(5) Omit regulation 4.

(6) In regulation 8, in paragraphs (2), (3) and (5), for "an EU obligation" substitute "a retained EU obligation".

(7) In regulation 34, for paragraph (2) substitute -

"(2) The FCA must determine the application within 90 working days of receipt of the completed application."