(1) A relevant requirement does not apply to the making of rules by a regulator if and to the extent that-
(a) the proposed rules make excluded provision in relation to provisions of legislation referred to in Schedule 1, and
(b) those provisions of legislation are specified, or fall within a description of provisions specified, in relation to the making of rules by the regulator in regulations made by the Treasury for the purposes of this section.
(2) A relevant requirement does not apply to the making of rules by a regulator if and to the extent that-
(a) the proposed rules make excluded changes to provision of existing rules made by the regulator containing an assimilated obligation, and
(b) the assimilated obligation is specified, or falls within a description of obligations specified, in relation to the making of rules by the regulator in regulations made by the Treasury for the purposes of this section.
(3) A relevant requirement does not apply to the revocation of rules by a reg
…