(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;