(1) The Passport Rights Regulations apply in relation to a UK firm with the following further modifications.

(2) Regulation 1(2) is to be read as if in the definition of "tied agent", for "Article 4.1.29 of the markets in financial instruments directive" there were substituted "Article 2(11) of Commission Delegated Regulation (EU) 2017/565 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive".

(3) Regulation 17A is to be read as if -

(a) in paragraph (3)(f) after "directive" there were inserted "(reading that Article as it would have applied immediately before IP completion day to a UK AIFM exercising an EEA right deriving from that directive) "; and

(b) in paragraph (10) -

(i) in the definition of "depositary" for the words from "has" to the end there were substituted "means a depositary appointed in accordance with provision that implemented Article 21 of the alternative investment fund managers directive";