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42.—(1) In Article 21, omit the sub-heading in brackets.
(2) In Article 22—
(a)omit the sub-heading in brackets;
(b)in paragraph 1—
(i)for “Directive 2014/65/EU” substitute “UK law on markets in financial instruments (“UK obligations”)”;
(ii)for “that Directive” substitute “UK law on markets in financial instruments”;
(c)in paragraph 2(b), for “obligations under Directive 2014/65/EU” substitute “UK obligations”;
(d)in paragraph 3—
(i)in point (b) for “by Directive 2014/65/EU and” substitute “in relation to its UK obligations and by”;
(ii)in point (c) for “obligations under Directive 2014/65/EU” substitute “UK obligations”.
(3) In Article 23, omit the sub-heading in brackets.
(4) In Article 24, omit the sub-heading in brackets.
(5) In Article 25—
(a)omit the sub-heading in brackets;
(b)in paragraph 1—
(i)in the first sentence, for “Directive 2014/65/EU” substitute “UK law on markets in financial instruments (“UK obligations”)”;
(ii)in the second sentence, for “the obligations under Directive 2014/65/EU” substitute “UK obligations”.
(6) In Article 26—
(a)omit the sub-heading in brackets;
(b)in paragraph 5, for “Article 4(h) of Directive 2013/11/EU of the European Parliament and of the Council on consumer ADR” substitute “regulation 4 of the Alternative Dispute Resolution Regulations 2015(1)”.
(7) In Article 27, omit the sub-heading in brackets.
(8) In Article 28, omit the sub-heading in brackets.
(9) In Article 29—
(a)omit the sub-heading in brackets;
(b)in paragraph 2, in point (c) for “Directive 2014/65/EU” substitute “UK law on markets in financial instruments”;
(c)in paragraph 6(b), for “a Member State” substitute “the United Kingdom”.
(10) In Article 30—
(a)omit the sub-heading in brackets;
(b)in paragraph 1—
(i)for “the first sub-paragraph of Article 16(5) of Directive 2014/65/EU” substitute “rule 8.1.1 of the Senior Management Arrangements, Systems and Controls sourcebook and rule 2.1 of the Outsourcing Part of the PRA rulebook”;
(ii)for “Directive 2014/65/EU” substitute “UK law on markets in financial instruments”.
(11) In Article 31—
(a)omit the sub-heading in brackets;
(b)in paragraph 1—
(i)in the opening words and in point (b), for “Directive 2014/65/EU” substitute “UK law on markets in financial instruments”;
(ii)in point (c), for “to be authorised in accordance with Article 5 of Directive 2014/65/EU” substitute “to have permission under Part 4A of FSMA to carry on a regulated activity which is any of the investment services and activities (within the meaning of regulation 2(1) of the Markets in Financial Instruments Regulations 2017)”;
(c)in paragraph 5, for “Directive 2014/65/EU and its implementing measures” substitute “UK law on markets in financial instruments”.
(12) In Article 32—
(a)omit the sub-heading in brackets;
(b)in paragraph 2—
(i)in point (a) for “Directive 2014/65/EU” substitute “UK law on markets in financial instruments”;
(ii)in point (c), for “Directive 2014/65/EU and its implementing measures” substitute “UK law on markets in financial instruments”;
(iii)in point (d)—
(aa)for “in the Union” substitute “in the United Kingdom”;
(bb)for “Directive 2014/65/EU and its implementing measures and relevant national law” substitute “UK law on markets in financial instruments”;
(c)in paragraph 3—
(i)in the first subparagraph, for “Competent authorities shall publish on their”, substitute “The FCA must publish on its”;
(ii)omit the second sub-paragraph.
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