(1) For the purposes of regulation 29(b), the period is one that begins with IP completion day and ends with a day determined in accordance with paragraph (2).

(2) The period ends -

(a) after three years beginning with the day on which IP completion day occurs, or

(b) if earlier, with the day -

(i) before the day on which registration as a credit rating agency has effect;

(ii) on which the FCA determines, in accordance with regulation 32(1), that regulation 28 should cease to apply, or

(iii) on which the person ceases to be included within a group of undertakings which comprise a credit rating agency registered under Chapter 1 of Title 3 to the CRA Regulation, as that Regulation has effect in the European Union.