(1) Where, immediately before commencement, a credit institution with Part 4A permission to accept deposits was carrying on by way of business in the United Kingdom the activity of issuing electronic money, the institution’s permission is to be treated as including, for a period of six months beginning at commencement, permission to carry on an activity of the kind specified by article 9B of the principal Order.

(2) Where, immediately before commencement -

(a) an EEA firm of the kind mentioned in paragraph 5(b) or (c) of Schedule 3 to the Act qualified for authorisation under that Schedule, and

(b) the activities which were treated as permitted activities for the purposes of paragraph 13 or 14 of that Schedule as it applied to that firm included the issuing of electronic money,

the firm’s permission under paragraph 15 of that Schedule is to be treated, at commencement, as including permission to carry on that activity.