(1) Paragraph (2) applies if -

(a) an authorised person (within the meaning of the Act) was, immediately before commencement, a member of a recognised self-regulating organisation or a recognised self-regulating organisation for friendly societies;

(b) the FCA or the PRA considers that before commencement -

(i) he failed to comply with any of the provisions specified in rule 1.3.1(6) of the PIA rules (cases in which a member is liable to disciplinary action);

(ii) he committed an act of misconduct within the meaning of rule 7.23A(3) of the SFA rules; or

(iii) he committed a relevant IMRO contravention;

(c) that organisation had, immediately before commencement, a power to publish statements corresponding to the power of that regulator under section 205 (public censure) in relation to that failure, misconduct or contravention, but had not exercised that power.

(2) That regulator may exercise the power conferred by section 205 in relation to the conduct specified by paragraph (1)(b) as if the authorised person concerned had contravened a requirement imposed by or under the Act.