(1) In regulation 50, in the new paragraph (2), for sub-paragraphs (a) to (d), substitute -

"(a) a group, the parent undertaking of which is -

(i) a UK parent institution,

(ii) a UK parent financial holding company, or

(iii) a UK parent mixed financial holding company, or

(b) an institution authorised in the United Kingdom which is not a subsidiary of a body mentioned in sub-paragraph (a)(i) to (iii)."

(2) In regulation 51 -

(a) after the opening words, insert -

"(za) in paragraph (1) -

(i) for "particular body", substitute "particular group or body",

(ii) for "relevant body", both times it occurs, substitute "relevant institution";";

(b) in paragraph (a), in the new paragraph (2), for "Where the relevant body" substitute "Where the parent undertaking of the relevant institution";

(c) for paragraph (b), substitute -