(1) A requirement imposed by a home state regulator and which has effect immediately before IP completion day continues to have effect on and after that day in respect of a person to whom regulation 8 or 11 applies as if it were imposed by a regulator under -

(a) section 55L (imposition of requirements by FCA) of the 2000 Act, or

(b) section 55M (imposition of requirements by PRA) of that Act.

(2) The requirement only has effect in so far as it could have been imposed by a regulator under those sections.