(1) The modifications of Part 4A of the 2000 Act (permission to carry on regulated activities) specified in regulation 6 apply -

(a) before IP completion day, in respect of a person who is authorised to carry on a regulated activity in the United Kingdom by virtue of section 31(1)(b) or (c) of the 2000 Act;

(b) on and after IP completion day, in respect of a person to whom regulation 8 or 11 applies.

(2) Paragraph (1)(a) only applies in respect of a person if -

(a) an application for permission, or for the variation of a permission, under Part 4A of the 2000 Act -

(i) is made by the person on or after the day on which this regulation comes into force, or

(ii) is made by the person before the day on which this regulation comes into force and has not, immediately before that day, not been determined by a regulator in accordance with section 55V of that Act, and