(1) Where -

(a) before commencement, the Regulator had served a preliminary notice on an existing controller (within the meaning of the provision under which the preliminary notice was served);

(b) no notice of objection was served in respect of that preliminary notice; and

(c) the person on whom the notice was served is, after commencement, treated as a controller of a UK authorised person for the purposes of section 187(3),

that preliminary notice has effect after commencement as a warning notice served under section 188(1) in respect of the exercise of the Authority's power under section 187(3).

(2) A notice having effect under paragraph (1) as a warning notice has effect -

(a) as if it gave notice of the Authority's intention to serve a notice of objection under section 187(3);

(b) as if it stated that section 394 does not apply;

(c) as if the period specified in the notice for making representations to the Authority was one month beginning with the date of service by the Regulator of the notice;