(1) Any person who immediately before 1st November 2007 -
(a) was a management company (within the meaning of the principal Order as amended by the 2006 Order);
(b) was providing, in accordance with Article 5.3 of Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities [OJ No L 375, 31.12.1985, p. 3.], the investment service specified in paragraph 4 or 5 of Section A, or the ancillary service specified in paragraph 1 of Section B, of Annex I to the markets in financial instruments directive; and
(c) had a Part IV permission to carry on an activity of the kind specified by article 14, 21, 25, 37, 40 or 53 of the principal Order in relation to an investment specified in the first column in the table in Schedule 8,
is from 1st November 2007 also to be treated as having a Part IV permission to carry on that kind of activity in relation to an inv