(1) The Financial Services and Markets Act 2000 is amended as follows.
(2) In section 425C ("qualifying provision") -
(a) the existing text becomes subsection (1),
(b) after paragraph (b) of that subsection insert -
"(ba) other subordinate legislation made under retained direct EU legislation;",
(c) in paragraph (c) of that subsection omit "(within the meaning of the Interpretation Act 1978)", and
(d) after that subsection insert -
"(2) In this section, "subordinate legislation" has the same meaning as in the Interpretation Act 1978 (see section 21 of that Act)."
(3) In paragraph 8(3) of Schedule 1ZA (Financial Conduct Authority's arrangements for discharging functions: legislative functions), in paragraph (a), after "rules" insert "under this Act or under retained direct EU legislation".