(1) In this regulation -
(a) "commencement" has the same meaning as in regulation 9 above, and
(b) "relevant person" means -
(i) in relation to action taken in respect of a body or association of the kind described in section 40(1) of the Financial Services Act [The functions of the Secretary of State under sections 37, 39 and 40 of the Financial Services Act were transferred to the Financial Services Authority (previously known as the Securities and Investments Board Limited) by S.I. 1987/942, except in relation to bodies or associations of the kind described in section 40(1) of the Financial Services Act 1986 (overseas investment exchanges and clearing houses). In relation to such bodies, these functions of the Secretary of State were transferred to the Treasury by S.I. 1992/1315.] (overseas investment exchanges and clearing houses), the Treasury, or
(ii) in any other case, the Authority.
(2) This regulation applies to action taken by a relevant person before commencement pursuant to
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