(1)

(1) This regulation applies where a relevant institution is, on IP completion day, subject to -

(a) a directive reorganisation measure adopted or imposed under the law of the relevant EEA State before IP completion day ("relevant measure"); or

(b) directive winding-up proceedings opened under the law of the relevant EEA State before IP completion day ("relevant proceedings").

(2) Despite regulation 3(3), (22)(b) and (24)(b) -

(a) Part 2 of the 2004 Regulations continues to have effect in relation to the relevant institution;

(b) if that institution is an EEA investment firm, that Part has effect with the modification in regulation 43 of the 2004 Regulations; and

(c) if that institution is an EEA group company, that Part has effect with the modification in regulation 47 of the 2004 Regulations.

(3) For the purposes of paragraph (2) -