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46.—(1) In the Banking Act 1987 (Exempt Transactions) Regulations 1988—
(a)regulation 13(1) (relevant debt securities); and
(b)Schedule 3(2) (relevant debt securities),
shall each have effect as if the reference to an authorised institution within the meaning of the Banking Act included a reference to a European deposit-taker.
(2) Regulation 14 of those Regulations(3) shall have effect as if—
(a)the reference in subsection (1) to a person who is an authorised person under the Financial Services Act included a reference to a European institution carrying on home-regulated investment business in the United Kingdom; and
(b)the reference in paragraph (2) to such an authorised person included a reference to a European institution.
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