1. The Treasury may by regulations impose requirements on third-country firms providing investment services, or performing investment activities, in accordance with Article 46 or on a description of such firms specified in the regulations.

2. In making regulations under this Article, the Treasury must have regard to the requirements imposed on UK firms by or under this Regulation.

3. Regulations under this Article may describe requirements by reference to -

(a) rules made or to be made by the FCA, or

(b) other enactments.

4. The power under paragraph 3 includes power to make provision by reference to rules or other enactments as amended from time to time.

5. The FCA may make, amend or revoke a rule if it considers it necessary or appropriate to do so for the purposes of a requirement imposed (or varied or withdrawn) by regulations under this Article which is described by reference to a rule made or to be made by the FCA.