(1) The modifications specified in regulations 23 to 25 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) the person has made 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, been determined by a regulator in accordance with section 55V of that Act, and

(b) the application is in respect of carrying on a regulated activity, on or after IP completion day, that the person is authorised to carry on by virtue of section 31(1)(b) or (c) of that Act.