(1) References in this Part to compliance with any requirements of Schedule 2 to the 2BCD Regulations, Schedule 3 to the ISD Regulations or Schedule 2F to the Insurance Companies Act include references to deemed compliance by virtue of paragraph 1 of Schedule 11 to the 2BCD or ISD Regulations or regulation 69 of the 3ID Regulations ("old transitional provision").

(2) In relation to a person who by virtue of an old transitional provision was deemed to have complied with the requirements of -

(a) paragraph 1 of Schedule 2 to the 2BCD Regulations;

(b) paragraph 1 of Schedule 3 to the ISD Regulations; or

(c) paragraph 1 or 8 of Schedule 2F to the Insurance Companies Act,

and to whom article 25, 26 or 27 accordingly applies, neither article 25(8), 26(4) or 27(4) (as the case may be), nor paragraph 15(2) of Schedule 3, has effect.