(1) A person ("A") who was, immediately before commencement -
(a) authorised under the Financial Services Act; and
(b) carrying on overseas investment business,
is to be treated as having, at commencement, a Part IV permission to carry on any corresponding overseas regulated activities in the country or territory where he carried on that overseas investment business.
(2) In this article -
"corresponding overseas regulated activities" means regulated activities which -
(a) Acarries on after commencement by virtue of continuing to carry on his overseas investment business; and
(b) A is regarded as carrying on in the United Kingdom by virtue of section 418;
"overseas investment business" means business which -
(a) was investment business within the meaning of section 1(2) of the Financial Services Act;
(b) A was carrying on in a country or territory outside the United Kingdom without contravening regulation 20 of the ISD Regulations or any relevant rules.
(3) For the purposes of paragraph
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