14(1)Section 296 (power to give directions) is amended as follows.
(2)In subsection (1), for “the Authority” substitute “the appropriate regulator”.
(3)In subsection (1A)—
(a)for the words from “in the case of a recognised body which is a recognised investment” to “the body” substitute “if it appears to the appropriate regulator that a recognised body”, and
(b)for the words from “directly applicable” to the end substitute “directly applicable EU regulation specified (or of a description specified) in an order made by the Treasury”.
(4)In subsection (2), for “The Authority” substitute “The regulator concerned”.
(5)In subsection (2A)—
(a)in the opening words, for “a recognised investment exchange other than an overseas investment exchange” substitute “a recognised body other than an overseas investment exchange or overseas clearing house”,
(b)in paragraph (a)—
(i)for “the Authority”, in both places, substitute “the regulator concerned”, and
(ii)for “the exchange” substitute “the body”, and
(c)in paragraph (b), for “the exchange” substitute “the body”.
(6)In subsection (3), for “the Authority” substitute “the regulator concerned”.
(7)In subsection (4), for “the Authority” substitute “an appropriate regulator”.
(8)In the heading, for “Authority's” substitute “Appropriate regulator's”.