The European Union (Capital Requirements) Regulations 2014 are amended -

(a) in Regulation 2 -

(i) by the deletion of paragraphs (2) and (3),

(ii) in paragraph (5), by the deletion of subparagraph (a), and

(iii) in paragraph (6), by the substitution of "paragraph (5)(c), (d) and (e)" for "paragraph (5)(a), (c), (d) and (e)",

(b) in Regulation 3(1) -

(i) by the deletion of the definition of "local firm", and

(ii) by the substitution of the following definition for the definition of "Directive 2002/87/EC":

"'Directive 2002/87/EC’ means Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 [OJ No. L. 35, 11.2.2003, p. 1.], as amended by;

(a) Directive 2005/1/EC of the European Parliament and of the Council of 9 March 2005 [OJ No. L. 79, 24.3.2005, p. 9.],

(b) Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 [OJ No. L. 177, 30.6.2006, p. 1.],