(1) After regulation 26 insert -

"27. Applicable law for orders made and collateral provided before IP completion day

After IP completion day the provisions of these Regulations as they were in force immediately before IP completion day continue to apply to -

(a) transfer orders entered into a designated system and collateral security provided, prior to IP completion day;

(b) equivalent overseas orders entered, prior to IP completion day, into a system designated for the purposes of the Settlement Finality Directive in an EEA state or designated in Gibraltar; and

(c) equivalent overseas security provided prior to IP completion day.".

(2) Expressions used in sub-paragraphs (a) to (c) above have the meanings given to them in these Regulations as they were in force immediately before IP completion day.