(1) Where -

(a) immediately before commencement a person was subject to a direction given under section 19 of the Banking Act; and

(b) by virtue of this Order he has a Part IV permission on commencement, the direction has effect, after commencement, as if it were a requirement (or requirements) imposed on him under section 43.

(2) If the direction was one falling within section 20(2) of the Banking Act but was not confirmed under that section before commencement, the requirement having effect under paragraph (1) ceases to have effect at the end of 28 days beginning with the day on which the direction was given.

(3) References in paragraphs (1) and (2) to a direction do not include references to adirection varying a previous direction; but where a direction has been varied before commencement the references in paragraph (1) are to the direction as varied even in a case where, by virtue of section 20(2)(b) of the Banking Act, the variation was due to cease to have effect at a time falling after commencement unless confirmed by the Authority before that time.

(4) A requirement having effect under paragraph (1) ceases to have effect on the occurrence of a relevant event.