45. — Section 28 (1) of the Investment Intermediaries Act, 1995, is hereby amended—

(a) by the deletion of “ the instruments referred to in section 4 (2) (a) to (c) or ” and the substitution of “ units or shares in undertakings for collective investments in transferable securities within the meaning of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 (S.I. No. 78 of 1989), and any subsequent amendments thereto, units in a unit trust, other collective scheme instruments, ”

(b) by the substitution of “ by the supervisory authority ” for “by the Minister for Enterprise and Employment”.