(1) A regulated activity a person is permitted to carry on by virtue of regulation 28 is one -

(a) which is necessary for the performance of a pre-existing contract,

(b) which is a carried on for the purposes of performing such a contract, and

(c) to which paragraph (2) applies.

(2) This paragraph applies to a regulated activity -

(a) in the case of a person who satisfies the conditions in regulation 30, which the person is, immediately before IP completion day, authorised to carry on in the United Kingdom by virtue of section 31(1)(b) or (c) of the 2000 Act;