(1) A pre-implementation application to which this article applies is to be treated, on and after 7th March 2016, as if it had been made -

(a) for approval to perform the notified application functions, and

(b) to the appropriate regulator.

(2) Paragraph (3) of this article applies if, in relation to the application, either regulator has before 7th March 2016 -

(a) imposed a requirement under section 60(2)(b) (application for approval) [Section 60 was amended by the Financial Services Act 2012, section 15 and Schedule 5, paragraphs 1, 4 and the 2013 Act, section 20.];