(1) The Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996 [S.I. 1996/2827.] ("the 1996 Regulations") are revoked.
(2) Anything done under or in accordance with the 1996 Regulations has effect as if done under or in accordance with these Regulations.
(3) Without prejudice to the generality of paragraph (2) -
(a) a body incorporated by virtue of regulation 3(1) of the 1996 Regulations is to be treated as if it had been incorporated by virtue of regulation 3(1) of these Regulations;
(b) where an application under regulation 7 of the 1996 Regulations had not been determined by the Authority at the time when this regulation comes into force, it is to be treated as if it were an application made under regulation 12 of these Regulations;
(c) the Authority’s registration functions under Part IV of these Regulations apply to any documents or records delivered to the appropriate registrar pursuant to regulation 4 of, and Schedule 1 to, the 1996 Regul
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