(1) If the appropriate regulator -
(a) gives to a person who has applied under regulation 4(1) a Part 4A permission to carry on regulated activities as an exempt investment firm; or
(b) varies the Part 4A permission of an authorised person who has applied as mentioned in regulation 4(2) for a variation to permit them to carry on regulated activities as an exempt investment firm,
the requirements specified in paragraph (3) ("the specified requirements") shall be treated as being imposed under section 55L [Section 55L was inserted by section 11(2) of the Financial Services Act 2012.] (imposition of requirements by FCA) (where the FCA is the appropriate regulator) or 55M [Section 55M was inserted by section 11(2) of the Financial Services Act 2012.] (imposition of requirements by PRA) (where the PRA is the appropriate regulator) of the Act.
(2) Notwithstanding paragraph (1) -
(a) the treatment of the specified requirement as a requirement imposed under section 55L or 55M of the Act does n
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