The conditions are that the person is one -

(a) who, immediately before IP completion day -

(i) is authorised to carry on a regulated activity in the United Kingdom by virtue of section 31(1)(b) or (c) of the 2000 Act, and

(ii) is carrying on such an activity or, subject to paragraph (3), providing a payment service in the United Kingdom other than through an establishment in the United Kingdom,

(aa) who is not a Gibraltar firm,

(b) who, on IP completion day, is not authorised to carry on a regulated activity by virtue of section 31(1)(a) of the 2000 Act, and

(c) to whom regulation 8 does not apply.

(2) In this regulation, reference to carrying on a regulated activity at a particular time includes where the performance of a pre-existing contract requires, or may require, a regulated activity to be carried on at another time.