(1) Where a relevant decision is made before IP completion day by a body other than the PRA or the FCA -

(a) that decision will continue to have effect on and after IP completion day;

(b) the competent authorities will have the power to review, vary, modify or revoke the decision, as if the decision had been taken by -

(i) the PRA, in relation to a PRA-authorised person (within the meaning of the Financial Services and Markets Act 2000 [2000 c. 8.]), or

(ii) the FCA, in any other case.

(2) For the purposes of paragraph (1), a relevant decision is one made by -

(a) the relevant competent authorities by common agreement -

(i) not to regard a group as a financial conglomerate in accordance with Article 3.3 or 3.3a of the conglomerates directive;