(1) Where -

(a) immediately before commencement, an order made under section 78(1) of the Financial Services Act (or having effect as if so made) was in force as respects a scheme; and

(b) that scheme is a unit trust scheme within the meaning of section 237,

the order has effect after commencement as if it were an authorisation order made under section 243(1).

(2) In relation to any such order, the reference in section 254(1)(a) to the requirements for the making of the order are to be read as a reference to the requirements for the making of an order under section 243.

(3) Any certificate issued under -

(a) section 78(8) of the Financial Services Act; or

(b) the Financial Services (Authorised Unit Trust Scheme) (Certificate of Compliance) Regulations 1989 [S.I. 1989/1535.],

which was in force immediately before commencement has effect after commencement as if it had been issued under section 246.