(1) 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, whether through an establishment in the United Kingdom or otherwise,

(b) who, immediately before IP completion day, is also authorised to carry on a regulated activity by virtue of section 31(1)(a) of the 2000 Act,

(c) to whom, on IP completion day, regulation 11 does not apply, and