(1) This article applies where -

(a) the applicant (within the meaning of article 37(1)(a)) has submitted to the Authority an application made under section 60 of the Act (applications for approval); and

(b) the application has not been finally decided before commencement.

(2) The person in respect of whom the application is made is to be treated as having on commencement the approval of the Authority for the purposes of section 59 of the Act (approval for particular arrangements) in relation to the functions to which the application relates.

(3) An approval which a person is to be treated as having is referred to in this Part as an "interim approval".

(4) Without prejudice to the exercise by the Authority of its powers under Part 5 of the Act, an interim approval lapses -