(1) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 is amended as follows.

(2) In Article 11 -

(a) in paragraph 1, for “Parent institutions in a Member State” substitute “UK parent institutions”;

(b) in paragraph 2 -

(i) for “‘parent institution in a Member State’, ‘EU parent institution’” substitute “‘UK parent institution’”;

(ii) after “Directive 2013/36/EU”, in each place it occurs, insert “ UK law”;

(c) in paragraph 3a -

(i) for “non-EU G-SII”, in each place it occurs, substitute “non-UK G-SII”;

(ii) for “EU parent undertakings” substitute “UK parent undertakings”;

(iii) in the second sub-paragraph, omit “Where Article 21b(2) of Directive 2013/36/EU applies, the two intermediate EU parent undertakings jointly identified as a material subsidiary shall each comply with Article 92b of this Regulation on the basis of their consolidated situation.”;