(1) This article applies to a person who immediately before commencement was -
(a) an EC company within the meaning of the Insurance Companies Act; and
(b) an authorised person (within the meaning of the Financial Services Act) by reason of regulation 57 of the 3ID Regulations.
(2) But this article applies only if there is an activity (a "relevant investment activity") -
(a) which immediately before commencement the person was, by reason of that regulation, able to carry on in the United Kingdom without contravening section 3 of the Financial Services Act;
(b) which he was then carrying on in the United Kingdom, or had previously carried on there;
(c) which he has no EEA right to carry on; and
(d) which he does not by virtue of Schedule 4 have permission to carry on as mentioned in paragraph 4(1) of that Schedule.
(3) Aperson to whom this article applies is to be treated as having, at commencement, a Part IV permission to carry on any regulated activity which is a relevant investment a
…