(1) Paragraph (2) applies to a person ("A") who immediately before commencement had Part IV permission to carry on an activity of the kind specified by article 52 of the Principal Order.

(2) On commencement A is to be treated as also having Part IV permission to carry on the activity of establishing, operating or winding up a personal pension scheme.

(3) Paragraph (4) applies to a person ("B") who immediately before commencement had Part IV permission to carry on an activity of the kind specified by article -

(a) 14 (dealing in investments as principal),

(b) 21 [Article 21 was amended by S.I. 2003/1476.] (dealing in investments as agent),

(c) 25 (arranging deals in investments),

(d) 37 (managing investments),

(e) 40 (safeguarding and administering investments),

(f) 45 [Article 45 was amended by S.I. 2001/3544 and 2002/682.] (sending dematerialised instructions),