(1) This article applies where immediately before commencement a person was subject to a prohibition or requirement -
(a) imposed by a recognised self-regulating organisation or a recognised professional body under a relevant rule; or
(b) pursuant to an agreement between a person and a recognised self-regulating organisation that he should be subject to a prohibition or requirement of a kind which could have been imposed on him under a relevant rule.
(2) The prohibition or requirement has effect after commencement -
(a) if it relates to the carrying on of an activity or activities which the person has a Part IV permission to carry on, as if it were a requirement imposed on him under section 43;
(b) if it relates to the carrying on of an activity or activities which he has a permission to carry on as a result of Schedule 3 or 4, as if it were a requirement imposed on him under section 196.
(3) For the purposes of paragraph (2), a prohibition or requirement imposed or agreed as respects
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