(1) For the purposes of regulations 9(2) and 12(2), the period is one that begins with IP completion day and ends -

(a) after three years beginning with the day on which IP completion day occurs, or

(b) if earlier, with a day determined in accordance with paragraph (3), (5) or (7).

(2) Paragraph (3) applies where a regulator makes a determination under section 55V in respect of an application -

(a) in the case of a person to whom regulation 8 applies, for a permission or cancellation of a permission under Part 4A of the 2000 Act, or

(b) in the case of a person to whom regulation 11 applies, for a variation or cancellation of such a permission.

(3) Where this paragraph applies -

(a) if the application is granted, the day referred to in paragraph (1)(b) is the day before the date stated in the written notice (issued in accordance with section 55V(5) of the 2000 Act) as that from which permission, variation or cancellation has effect;