(1) If this regulation applies -

(a) an AIF, a EuVECA or a EuSEF (a "relevant fund") may be marketed in the United Kingdom on the same terms and subject to the same conditions as the relevant fund was, or could have been, marketed in the United Kingdom before IP completion day until the end of the period determined in accordance with regulation 78C;

(b) an AIFM which is authorised (in accordance with Article 6.1 of the alternative investment fund managers directive) by its home state regulator ("an EEA AIFM") may continue to market a UK AIF in the United Kingdom on the same terms and subject to the same conditions as it was able to do so before IP completion day until the end of the period determined in accordance with regulation 78C.

(2) This regulation applies in relation to AIFs where -