(1) The following transitional provisions apply until commencement.

(2) Subsection (1)(b) of section 45 (variation etc. of Part IV permission on Authority's own initiative) and subsection (1)(d) of section 254 (revocation of authorisation order in respect of unit trust scheme otherwise than by consent) do not apply.

(3) In sections 44, 45, 46, 47, 48, 50, 52, 53, 54 and 55 (variation of Part IV permissions etc.), sections 56 and 60 (performance of regulated activities) and section 148 (modification or waiver of rules) -

(a) the references to an authorised person are to be read as references to a pending authorised person or a transitional authorised person;

(b) references to Part 4A permissions are to be read as references to -

(i) Part 4A permissions even though not yet in force; and

(ii) transitional permissions.