(1) An authorised person who immediately before 3rd January 2018 was -
(a) an exempt investment firm by virtue of regulation 9A [S.I. 2007/126; regulation 9A was inserted by S.I. 2007/763.] (transitional provision: exempt investment firms) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007; or
(b) permitted to carry on regulated activities as an exempt investment firm in accordance with permission granted in accordance with regulation 4C [Regulation 4C was inserted by S.I. 2007/263 and was amended by S.I. 2013/472 and 2013/3115.] (requirements to be applied to exempt investment firms) of those Regulations,
becomes an exempt investment firm with effect from that day as if they had applied as mentioned in regulation 4(1) or (2) [Regulation 4(1) and (2) were amended by S.I. 2013/472.] and had been granted the permission or variation on that day.