(1) This article applies in the case of a person ("L") where -
(a) L does not have permission at commencement to carry on an article 56 activity;
(b) L was, immediately before commencement, lawfully carrying on by way of business in the United Kingdom an article 56 activity; and
(c) L has made before commencement, and has not withdrawn, an application for permission to carry on an article 56 activity in accordance with Part 4A of the Act and that application has not been refused (or, if the application has been refused, L has referred the matter to the Tribunal within the period mentioned in section 133(1) of the Act and the reference has not been decided).
(2) The general prohibition does not apply to the carrying on by L of an article 56 activity until his application is decided and permission for him to carry on that activity is refused.
(3) For the purposes of this article an "article 56 activity" is a regulated activity of the kind specified by article 56 (advice on syndicate par
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