(1) For the purposes of regulations 29(3) and 35(3), the period is one that begins with the relevant day and ends -

(a) in so far as a regulated activity a person is permitted to carry on by virtue of regulation 28 or 34 is carried on for -

(i) the purpose of performing a contract of insurance, after fifteen years, or

(ii) any other purpose, after five years,

beginning with the earlier of the day on which regulation 28, 34 or 47, as applicable, first applies to the person, or

(b) if earlier -

(i) for the purposes of regulation 29(3), with a day determined in accordance with paragraph (3) or (7);