(1) Where immediately before commencement an unauthorised credit union was subject to a direction under Article 59 of the 1985 Order, that direction has effect from commencement as if it were a requirement imposed on that credit union under section 43 of the Act (imposition of requirements).

(2) For the purposes of rules and guidance made before commencement by the Authority under Part 9A of the Act (rules and guidance) that relate to credit unions [See the Authority’s Handbook. When made by the Authority, new rules and guidance for credit unions will be available at http://fsahandbook.info/FSA/html/handbook/CREDS.], a credit union which, immediately before commencement -