(1) If the appropriate regulator -
(a) gives to a person who has applied as mentioned in regulation 4A(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 4A(2) for a variation to permit him 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 (where the Financial Conduct Authority is the appropriate regulator) or 55M (where the Prudential Regulatory Authority 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 not -
(i) amount, for the purpose of section 55X(1) of the Act, to a proposal to exercise the power of the appropriate regulator under section 55L(1) or 55M(1) of th