(1) Any person ("P1") who immediately before commencement was -
(a) a listed institution within the meaning of section 43 of the Financial Services Act;
(b) an exempted person by reason of his inclusion in the list maintained under that section;
(c) able, in accordance with any relevant conditions or arrangements applicable to him, to carry on the activities set out in Parts I, II and III of Schedule 5 to the Financial Services Act,
is to be treated as having, at commencement, a Part IV permission to carry on any regulated activities mentioned in paragraph (2).
(2) The regulated activities mentioned in this paragraph are -
(a) activities of the kind specified by articles 14, 21 and 25 of the Regulated Activities Order and the activity of the kind specified by article 64 of that Order, in so far as it relates to those activities;
(b) the activity of the kind specified by article 53 of the Regulated Activities Order (and by article 64 of that Order, in so far as it relates to article 53)
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