(1) Despite their repeal by regulations 25 and 29, sections 266 to 269 [Sections 266 to 269 were amended by Schedule 18 to the Financial Services Act 2012.] and 395(13)(e) of the 2000 Act apply during the relevant period in relation to a stand-alone scheme or sub-fund that is a recognised scheme by virtue of regulation 62 as they applied immediately before IP completion day in relation to a scheme that was recognised under section 264 of that Act, but this is subject to paragraph (2).

(2) In their application by virtue of this regulation, sections 266 to 269 are to be read as if -