In Article 7 -

(a) in paragraph 5, in the second subparagraph, omit point (d);

(b) in paragraph 7 -

(i) in the first subparagraph, in point (a)(iv), before "Directive 2014/59/EU" insert "the UK law which implemented";

(ii) in the second subparagraph, omit the second sentence;

(c) omit paragraph 12;

(d) in paragraph 13 -

(i) in the first subparagraph, for "ESMA shall develop draft regulatory" substitute "The FCA may make";

(ii) omit the second and third subparagraphs.