(1) The Secretary of State may by regulations modify the application requirements or the update requirements in relation to overseas entities of a description specified in the regulations.
(2) The regulations may modify the application or update requirements in relation to a description of overseas entity only if the Secretary of State considers that the modifications are appropriate in light of the information that is publicly available otherwise than by virtue of this Part.
(3) Regulations under subsection (1) may make such modifications to this Part as are consequential on those regulations.
(4) Regulations under subsection (1) are subject to the negative resolution procedure.
(5) In this section -
"the application requirements" means the requirements as to the contents of applications under section 4 or 9;
"the update requirements" means the requirements as to the material that must be delivered to the registrar under section 7.