(1) Section 87 (election to have a prospectus) [Section 87 was substituted by S.I. 2005/1433.] is amended as follows.

(2) Omit subsections (1) and (2).

(3) In subsection (3), for "which are the subject of an election" substitute "for which a prospectus is drawn up voluntarily in exercise of entitlement to do so under Article 4 of the prospectus regulation".

(4) Omit subsection (4).