21.—(1) Article 25 (exemptions from specific requirements for significant benchmarks) is amended as follows.
(2) In paragraph 2, for “the competent authority” substitute “the FCA”.
(3) In paragraph 3—
(a)for “A competent authority” substitute “The FCA”;
(b)for “the competent authority” substitute “the FCA”.
(4) In paragraph 4, for “the competent authority”, both times if occurs, substitute “the FCA”.
(5) In paragraphs 5 and 6, for “a competent authority” substitute “the FCA”.
(6) In paragraph 8—
(a)in the first subparagraph, for “ESMA shall develop draft implementing” substitute “The FCA may make”;
(b)omit the second and third subparagraphs.
(7) In paragraph 9—
(a)in the first subparagraph, for “ESMA shall develop draft regulatory” substitute “The FCA may make”;
(b)omit the second and third subparagraphs.