(1) In this regulation -

"the new activity" means the activity specified in article 51ZD of the Regulated Activities Order (acting as trustee or depositary of an AIF) [Article 51ZD is substituted by paragraph 1(12) of Schedule 2 to these Regulations.];

"the old activity" means the activity of acting as trustee of an authorised unit trust scheme, acting as the depositary of an authorised contractual scheme or acting as the depositary of an open-ended investment company, as specified in article 51(1)(b), (bb) or (c) of the Regulated Activities Order as it was in force immediately before 22nd July 2013 [Article 51(1)(bb) was inserted by S.I. 2013/1388. Articles 51ZA to 51ZG are substituted for article 51 by paragraph 1(12) of Schedule 2 to these Regulations.];

"the relevant date" in respect of a person means the earlier of -

(a) the date on which the FCA or PRA notifies the person that their application for Part 4A permission to carry on the new activity has been determined; or

(b) 22nd July 2014.