(1) Capital instruments that were in existence on 31 December 2015 and formed a part of the fund administrator's regulatory capital as at that date but that do not meet the criteria set out in Regulation 32(3) shall be treated in the following manner:
(a) subject to subparagraph (b), the capital instruments may be included as Common Equity Tier 1 items during the period 1 April 2017 to 31 March 2020 as follows:
(i) during the period 1 April 2017 to 31 March 2018, 100 per cent of the value included in the fund administrator's regulatory capital as at 31 December 2015 may be included in Common Equity Tier 1 items;
(ii) during the period 1 April 2018 to 31 March 2019, two thirds of the value included in the fund administrator's regulatory capital as at 31 December 2015 may be included in Common Equity Tier 1 items;
(iii) during the period 1 April 2019 to 31 March 2020, one third of the value included in the fund administrator's regulatory capital as at 31 December 2015 may be include