(1) The period referred to in regulation 78A(1) ("the relevant period") ends -

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

(b) if paragraph (4) applies, the day determined in accordance with paragraph (4).

(2) Paragraph (4) applies where a person has given written notification under regulation [Regulations 57 to 64 are revoked by S.I. 2013/1797, with effect from a date to be specified by the delegated act adopted by the Commission pursuant to Article 68.6 of directive 2011/61/EU of the European Parliament and the Council of 8 June 2011 on Alternative Investment Fund Managers.] (subject to paragraph (3)), 58 or 59 -

(a) during such period, ending no later than the end of the period of two years beginning with the day on which IP completion day occurs (“the two year period”), as the FCA may direct, or

(b) if the FCA does not direct such a period, before the end of the two year period.