Section 33ANC of the Act of 1942 is amended -

(a) in subsection (1)(b), by the substitution of "participation by a person, while concerned" for "participation, by a person concerned",

(b) in subsection (2), by the substitution of the following paragraph for paragraph (c):

"(c) a reference in this Part to performing a controlled function in relation to a regulated financial service provider includes a reference to being concerned in the management of a financial holding company, mixed-financial holding company or mixed-activity holding company.",

(c) by the insertion of the following subsection after subsection (2):

"(2A) References in subsections (1) and (2) to a financial holding company, mixed financial holding company or mixed-activity holding company do not include references to a regulated financial service provider which is such a company.",

(d) by the deletion of subsection (3), and

(e) in subsection (4), by the deletion of paragraph (b).