(1) In this Order, "old listing rules" means rules which had effect immediately before commencement and which were made (or treated as having been made) by the Authority - (a) under Part IV of the 1986 Act [See, in particular, the power to make listing rules in section 142(6). Relevant amendments to Part IV are found in S.I. 1991/2000, 1995/1537, and 2000/968 (which substituted the Financial Services Authority as the competent authority for the purposes of Part IV).] in accordance with the procedures applicable to the making of such rules; or (b) insofar as the rules had effect in relation to non-Part IV securities, in pursuance of rights of the Authority in relation to such securities.
(2) Old listing rules have effect after commencement as if they were listing rules made by the Authority in the exercise of the functions of the competent authority under Part VI.
(3) The validity of listing rules which have effect by virtue of paragraph (2) is not affected by any failure of the A
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