(1) Any person who immediately before commencement was authorised under section 15 of the Financial Services Act by virtue of holding a certificate issued by adesignated professional body and who has given notice in accordance with paragraph (3) is to be treated as having, at commencement, a Part IV permission to carry on any regulated activities which he was, immediately before commencement -

(a) by reason of that certificate, able to carry on in the United Kingdom without contravening section 3 of the Financial Services Act; and

(b) able to carry on there without contravening any rules of the recognised professional body of the kind described in section 18(3) of that Act.

(2) "Designated professional body" means a recognised professional body that at commencement was a body designated under section 326(1).

(3) The notice given by the person mentioned in paragraph (1) must -

(a) state that the person wishes to have a Part IV permission by virtue of this article;

(b) be in such form as the Authority may direct; and