(1) The conditions are that the person is one -

(a) to whom regulation 8 ceases to apply, in accordance with regulation 17,

(b) who, immediately before that regulation ceases to apply, is carrying on a regulated activity in the United Kingdom, and

(c) who, on that regulation ceasing to apply, is not authorised to carry on a regulated activity by virtue of section 31(1)(a) of the 2000 Act.

(2) In this regulation, reference to authorisation to carry on a regulated activity by virtue of section 31(1)(a) of the 2000 Act does not include such an authorisation by virtue of regulation 28.